The impact of GST on household savings can be described as follows: 1. Reduction in tax burden: GST has replaced multiple indirect taxes like service tax, excise duty, and VAT, which has resulted in a simplified tax structure. As a result, the overall tax burden on households has reduced, allowing them to save more. 2. Lower prices: GST has eliminated the cascading effect of taxes by providing input tax credits. This has led to the reduction in the prices of goods and services. The lowered prices have enabled households to save money on their daily expenses. 3. Increased efficiency and competitiveness: GST has facilitated better compliance and efficiency in the tax system. This has led to increased competition among businesses, resulting in better pricing and cost savings. Ultimately, these savings are passed on to households, allowing them to save more. 4. Beneficial for low-income households: GST has a progressive tax structure, with exemptions and lower rates for essential goods and services. This benefits low-income households by reducing their tax liabilities and providing more disposable income to save. Overall, GST has positively impacted household savings by reducing tax burdens, lowering prices, increasing efficiency, and benefiting low-income households. It has helped households save on monthly bills and increase their disposable income.