Goods and Service Tax (GST) is now  a reality. Last night, President Pranab Mukherjee and Prime Minister Narendra Modi along with other eminent dignitiries launched the new tax structure at Central Hall. 

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The tax rates under GST for all products and services will be at 5%, 8%, 18% and 28%. Last month in a GST Council meet, Finance Minister Arun Jaitley had released a list of products that are termed 'essential' and will attract 0% the new tax structure. 

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With GST coming into effect, your monthly household budget is set to take a hit and it will increase marginally. 

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"Due to the initial inflation expected under GST, there might be an increase in the prices of a few household products, which will get neutralized by the start of the next year," Archit Gupta, Founder & CEO ClearTax said. 

Here's how it will be like: