Use Your GST Savings Smartly With The Help Of This Guide




The Goods and Service Tax (GST) is now widely perceived to be the tool that revolutionizes the indian economy. The benefits will definitely be received by the masses as they are meant to trickle down to the essentials. With the cascading tax effect getting eliminated, the cost of household commodities is expected to reduce significantly from the current level.

Prices of daily use items such as spices, grains, milk, edible oil, sweets, juices, toothpaste, shampoo, shaving cream, soap, butter, biscuit, pulses, medicines, bread, and ice cream will remain unchanged. Though, expenses regarding services such as mobile recharge, set up box recharge, train travelling cost, cabs, maintenance and repairs will go up.

According to estimates by Nirmal Singh LotusGreen, the average household expense whose monthly expense pre-GST is Rs. 15,000 is likely to reduce by Rs. 500 in the GST regime, given that the change in tax rate is only limited to household items. This indicates a saving of Rs. 6000 per annum, which could actually go higher or lower depending on an array of factors. This money could be put to a good use. 



For one, you can start investing Rs. 500 every month through equity mutual fund SIP. This would build a corpus of Rs. 8.7 Lakh at around 16 % ROI in 20 years. Currently, the interest on loan products is low, and they are expected to increase in the time to come. So, it’s better to pay off your loan now. You can use the savings for the repayment of a major portion of your principal. You can also keep this money as a form of a contingency fund.

Now is also the time to buy something you couldn’t afford earlier, as it won’t disrupt your financial stability. You can either buy on EMI or use the extra money to create a saving fund to buy something in the near future. It’s also a good time to invest on insurance. If you have not taken a life or health insurance cover, you can use the extra money for that. Start small and gradually increase the cover as your savings increase. It is best to have individual cover, and not just depend on a corporate cover.

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