New GST Rates: Will old items kept in stores be available cheaper from September 22 or will we have to wait longer? Expert tells

New GST Rates The new GST rates will be implemented from 22 September. From this day onwards, billing of every item will be done according to the new rates. That is, the stores or shopkeepers who have already stored stock will also have to do billing according to the new GST rates.

New GST Rates: On the night of 3rd September, Finance Minister Nirmala Sitharaman gave information about the approval of the major decisions taken in the GST Council Meeting in a press conference. Two slabs were approved in the GST Council meeting, while the 12 and 28 percent tax slabs were abolished. Now all items have been kept in only 5 and 18 percent slabs. At the same time, a special slab of 40 percent has been created on sin and luxury products.

The changes made in GST Reforms 2.0 i.e. the new rates will be applicable from 22 September 2025 (new gst rate list 2025). But one question is whether the new GST rates will be applicable on the goods already kept in a shop from August 22? Let us know the answer to this.

When will the new GST rates be implemented?

The GST Council chaired by Finance Minister Nirmala Sitharaman in its 56th meeting has approved a major change in the Goods and Services Tax system, which will come into effect from September 22, the first day of Navratri. That is, the new GST rates will come into effect from September 22. The question that arises here is when will the new rates be applicable on goods already manufactured or goods that a shopkeeper or store has already purchased? So the answer to this is that the new GST rates will be applicable on all goods from September 22. Whether it is old or new.

Will the rates be applicable on old items also from September 22?

The new GST rates will be applicable on the items which are already manufactured or are kept in stock at the store from 22 September. Bills will be made according to the new GST rates. Suppose you run a store. If you sell home appliances like fridge, TV and cooler, then you will have to apply the new GST rates on those products from 22 September.

What did the experts say?

On the new GST rates, Kamal Nandi, Executive Vice President of Godrej Appliances, said, "Billing will be done as per the new GST rates from September 22. The loss incurred by the shopkeeper or the dealer can probably be compensated through Input Tax Credit (ITC)."

Commenting on this, Asif Malbari, Chief Financial Officer, Godrej Consumer Products Ltd said, "We welcome the government's initiative to reduce taxes to boost consumption. This is a positive catalyst for demand and a strong driver of volume growth. This move will ultimately contribute to the overall economic momentum. GCPL has leading soap brands like Cinthol and Godrej No. 1 and hence we welcome this move. We are fully committed to ensure that the benefits of reduced GST rates are passed on to consumers."

PC:Jagran