GST may make oil, chicken dearer; TV, air conditioner cheaper- The Hindu 20 Oct. 2016, Compiled by Ajay Sir
The proposed 4-tier GST ……1……. may hit the common man as it is likely to result in higher taxes on various items including kitchen staples such as …….2……. oils, spices, and chicken.
The prices of …….3…….. consumer durables like televisions, air conditioners, fridges and washing machines may, however, become cheaper with a ……..4…… in taxes.
The government plans to roll ……5……. the new indirect tax regime, Goods and Services Tax (GST), from April 1, 2017. In its meeting with states this week, the Centre has proposed a four slab GST rate structure.
The lowest rate proposed is 6 percent, with two standard rates of 12 and 18 percent. The ……..6…….. rate, which will mostly apply to FMCG and consumer durables, will be 26 percent.
Besides, a cess is also likely to be ……..7………. on demerit or sin goods and polluting items.
According to the Centre’s estimates on the impact of the 4-slab rate structure on CPI inflation, items like chicken and coconut oil which currently suffer a tax incidence of 4 percent will be taxed at 6 percent under the GST regime.
Similarly, the tax burden on refined oil, mustard oil, and groundnut oil will go up from 5 per cent to 6 per cent.
Other kitchen staples too will be taxed at 6 per cent as against 3 per cent in case of turmeric and jeera, 5 per cent in case of dhania, black pepper, and oil seeds.
TVs, air conditioners, washing machines, inverters, refrigerators, electric fans and cooking appliances may become ……….8……… with the incidence of taxes on them declining from 29 per cent to 26 per cent post implementation of the GST.
Perfumes, shaving cream, powder, hair oil, shampoo, soap, and other toiletry items will become cheaper as they too presently are taxed at 29 percent.
Gas stove, gas burner, mosquito repellent and the insecticide may, however, become ……..9……… as they are currently taxed at 25 percent, lower than the proposed peak rate of 26 per cent under GST.
Under the proposed 4-slab structure, the items which are currently taxed between 3-9 percent will fall in the 6 percent bracket; those in 9-15 per cent range will come under 12 percent rate.
Those products which are currently taxed between 15-21 per cent would attract 18 per cent ……..10………, while those above 21 percent would be taxed at the peak rate of 26 per cent.
The GST Council, which has Union Finance Minister and his state counterparts, will decide on tax rates next month.
Saying that the …….11……. tier rate structure was designed in a way that neither the exchequer lose revenue ………12……. does the common man’s tax liability increase significantly, Finance Minister Arun Jaitley had said: “the effort will be to fit the goods in the closest tax bracket under GST”.
1.
(1) tax
(2) key
(3) structure
(4) base
(5) system
2.
(1) provisional
(2) unconditional
(3) musturd
(4) edible
(5) conclusive
3.
(1) fullest
(2) good
(3) essential
(4) certain
(5) total
4.
(1) passed
(2) increase
(3) cancelled
(4) speed
(5) decrease
5.
(1) from
(2) out
(3) in
(4) against
(5) with
6.
(1) defense
(2) offensive
(3) peak
(4) crime
(5) high
7.
(1) materialize
(2) levied
(3) including
(4) starting
(5) mentioned
8.
(1) expensive
(2) lighter
(3) cheaper
(4) costlier
(5) higher
9.
(1) skilled
(2) powerful
(3) expensive
(4) developed
(5) cheaper
10.
(1) effect
(2) taxed
(3) total
(4) marginal
(5) levy
11.
(1) effective
(2) three
(3) total
(4) four
(5) five
12.
(1) effect
(2) when
(3) total
(4) nor
(5) hence
Answers:
1. (3) structure
2. (4) edible
3. (4) certain
4. (5) decrease
5. (2) out
6. (3) peak
7. (2) levied
8. (3) cheaper
9. (3) expensive
10. (5) levy
11. (4) four
12. (4) nor
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