GST Spikes Inflation in Cinema Tickets, Internet Prices; Gold Goes Down South

India.com News Desk
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GST Collection Tops Rs 94,000-cr For July From 44 Lakh Businesses

New Delhi, Sep 6: The tax collection under GST regime spiked to Rs 94,000 crore for the month of July, with a total of 44 lakh business filing their returns, a top official told PTI. In the past week, Finance Minister Arun Jaitley claimed a total of Rs 92,283 crore was collected from approximately 38.38 lakh […]

New Delhi, August 23: The retail inflation for a number of goods and services have spiked up after the implementation of the Goods and Services Tax (GST), a report said. Cinema tickets, biscuits, laptops, internet rates, and Cigarettes have seen a spike, where as despite gold prices going up, inflation has gone up.

According to a report published in the Business Standard, the retail inflation of cinema tickets has gone up from 4.42 per cent in May to 6.39 per cent in July. The taxes have gone down for the movie-goers, which has spurred demand. (Also read: GST regime will reduce costs for lower income section: ADB)

Inflation for biscuits has also increased. It was 2.13 per cent in May, it increased to 2.58 per cent in July. For Cigarettes, there was a whopping increase in inflation. From 4.98 per cent, the inflation has spiked to 7.44 per cent. Refrigerators, washing machines, mobile handsets, computers– all have seen an upward spiral in inflation figures. However, inflation in gold sector surprisingly remained dim. Gold prices have gone down from -1.89 to -4.97. (Also read: Last Date For Filing GST Returns Extended Till August 25)