New tax rules: Here're the changes that come into effect from today

The young generation will get the option to choose a lower tax regime in the 2020-21 fiscal year. However, those who buy mobile handsets have to shell out more as goods and services tax rates on them have been hiked. Though firms will get relief because their refunds are currently piled up (tax on inputs are higher than final products), some hike in prices may still happen.

 

Sources: Budget papers for FY21, GST Council