Both Pulkit and Samrit aged 6 years and 8 years, respectively, are friends and love to play games with each other. They study in the same school and reside nearby. A little earlier from now, they were happy playing ‘Hide and Seek’, Cricket, etc. But as the season of Monsoon is on the upswing, they have been greatly devoid of the joy because of the rains that have poured into their residence area of late. So, they are contemplating a change in their daily dose of entertainment by shifting to Indoor games like Ludo, Carom Board and others. But their parents, who sit on a tight budget, are not sure about the expenses to be borne by them to buy such playing instruments in the face of GST tax slab rates list 2017 implementation.
As you all know, the Goods and Services Tax (GST) has made its way to India on July 1, 2017, when the Prime Minister Narendra Modi launched the much-awaited indirect tax reform in the Central Hall of Parliament. By doing so, he has added a new chapter in India’s growth story in which the Genext will have a major role to play. Children of today’s generation are quite sharp and can think beyond the realms of normal imagination. But at the same time, the parents need to ensure they get the full dose of their entertainment, yet keeping their studies unaffected by the same. So, let’s find out where the lovely goodies of the country’s future lie on the GST table.
GST Tax Rate of 12% on Indoor Game Instruments
Much speculations were revolving around the rates to be set on various goods and services. Suggestions were pouring in from various quarters-industry bodies, wholesalers, retailers and others. Keeping a look at the overall economic prospects, the GST Council decided to levy four different rates of 5%, 12%, 18% and 28% on several goods and services. When it comes to indoor game instruments, the council had initially set 28% GST tax rate, raising concerns for the parents wanting their child to play but at a budgeted cost. Finally, it was decided that a 12% levy will be applicable to games like Ludo, Carom Board, Chess, and other games. A reduction of 16% tax from the earlier decision would have definitely boosted the confidence of many households.
Why Are These Games So Important?
The indoor games like Chess and Carom Board do a lot to strengthening the brain of the children. Particularly chess, where you need a power-pack strategy to outclass your opposite number in a battle of many twists and turns that unfold in the game. And there is no harm in letting your child play the indoor games on a regular basis as it will help his/her concentration a great deal. The concentration, which your children gain from these games, can be transpired into their studies. With better concentration, one is expected to show improved academic results, further boosting the career opportunities for your children.
What Actually GST is?
GST is the new indirect tax reform launched to replace the previous regime of multiple taxes charged by both the Centre and the state governments. A dozen of taxes like service tax, VAT, sales tax, octroi and others of the past is now replaced with GST. The previous tax regime was complicated both in terms of number of tax incidence as well as their norms which many in the business circles struggled to decipher. The ease and simplicity of GST tax slab rates list 2017 is a clear indicator of the country’s move towards streamlining its tax structure.
So, the parents of Pulkit, Samrit and others, hopefully, would be able to embrace the GST tax rates on indoor games with ease. Let your children play with flair in the GST era…