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GST effect: Household budget up 800-1,500

DNMUM392642 | 7/18/2017 | Author : Kumar Shankar Roy | WC :509

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  • GST effect: Household budget up 800-1,500

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Personal Finance

With the goods and services tax (GST) coming into force from July 1, household budgets are busy adjusting to the new regime. DNA Money spoke to tax consultants to assess GST’s impact on common household expenses including home loan EMI, credit card repayment, groceries, cooking gas, water, electricity, among others. Here are the budget changes post-GST.
Family budget: According to ClearTax, home loan EMI accounts for 25-35% of a household budget. Most other bills individually account for 5-10% each. Groceries bill can be 5-15% of budget and transportation cost usually get 10-15% of the budget (see table). Archit Gupta, founder and CEO, ClearTax, said, “Household spending Rs 50,000 a month pre-GST may be required to spend Rs 50,726 pos
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