IPO Updates, Mutual Funds & Courses | Finowings

As India welcomes the New Year, the middle class is grappling with the fresh wave of tax reforms that have sparked widespread concern. With rising inflation, stagnant wages, and now new GST rules, the financial struggles of this vital demographic are becoming even more pronounced. A recent announcement from the GST Council has introduced a 5% tax on salted and spiced popcorn, a popular snack for many. But the shocker comes with caramel popcorn, which, due to its sugar content, will now attract an 18% GST. Pre-packaged branded popcorn will also see a 12% tax. While these new rules seem trivial to some, they underscore a bigger issue: the middle class is increasingly being taxed on even the most basic items. Read More GST on Resale of Old Cars: A Blow to the Common Man In another change, the government has imposed an 18% GST on the resale of old cars by registered dealers. If you sell your car as an individual, you won't pay GST, but if it’s sold to a registered dealer, the dealer wi...