Sin Goods and Sin Tax – 2020

Sin Goods and Sin Tax

In a recent statement from the finance minister, the two-wheeler is neither a luxury item nor a scene.
These Goods Therefore, this vehicle is eligible for improvement in GST rate.
Currently, two-wheelers are subject to 28% GST.

Sin Goods

Sin goods are items that are considered harmful to society.
Examples of Sin Goods
Alcohol, tobacco, candy, drugs, soft drinks, cast food, coffee, sugar, gambling and pornography).
‘Sin tax’ is levied on things that are harmful to health like tobacco and alcohol.

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Regulation in India:

Consumption of these goods can be reduced by increasing the prices of such items.
It can compensate the society for things like increasing the cost of health services.
can increase resources for the health sector.
According to the existing GST rate structure, such as cigarettes, pan masala and soft drinks.
Sinn tax is levied on Sinn Goods. Luxury like cars in addition to Sinn Goods
There is provision for cess on products.

Importance of Sin Goods and Sin Tax

Excessive intake of liquids like tobacco and alcohol can lead to cancer, heart disease and
Health risks such as obesity increase.
Examples of other countries levying cin tax show that after this type of tax
Consumption of cigarettes and socket drinks has decreased significantly.
Syntax can prove to be a bonus for the states that get revenue from the sale of DA.

Sin Goods and Sin Tax
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