GST is widely perceived to be a big game changer in the Indian economy with its effects rippling across societies. While some might face the heat of it in purchasing luxury items, the benefits are meant to trickle down to the masses eventually. With the removal of cascading tax effect, the prices of household commodities are expected to come down significantly from the existing level.

The small amount that you can put aside after the implementation of GST can offer you long-term benefits if used wisely. Here are a few pointers:
What do you pay for household expenses?

Prices of daily use goods such as spices, grains, milk, edible oil, sweets, juices, toothpaste, shampoo, shaving cream, soap, butter, biscuit, pulses, medicines, bread, ice cream are going to remain unchanged. However, expenses related to services such as mobile recharge, set up box recharge, train travelling cost, cabs, maintenance and repairs etc. are likely to go up.

As per estimates, an average household whose monthly expense is around Rs 15000 in the pre-GST tax regime, would save approximately Rs 500 per month in the GST regime (considering change in the tax rate on only limited number of household items). It means a saving of Rs 6000 per annum. Though, the figure is just indicative and in actual it may go higher or lower depending on the list of item and several other factors. The money you save due to GST can be put to lucrative use.

Let's look at some smart use of the money you save after the implementation of GST:
Investments
You can build a substantial corpus by investing an amount as small as Rs. 500 every month through equity mutual fund SIP. You would build a corpus of Rs 8.7 Lakh at around 16% ROI in 20 years.This amount can help in building a bigger corpus for retirement. If you are a conservative investor, you can explore options such as debt mutual fund, postal saving schemes etc.
Repay your existing loan

At present, the interest on loan products are low and you might want to use the surplus amount in hand to repay your exiting loan. The interest rates may not remain at the same level for long. If you have taken a loan in the recent past and a major portion of the principal is yet to be paid of, you must use the money to make an additional payment towards recovery of the loan, so that it is cleared quickly. Early repayment is always a good habit.
Keep it for contingencies

You can use the money to form a contingency fund. If you already have one, you can add some more to it to ensure a proper financial backing. Your contingency fund should be worth six to eight months of your monthly expense.

If you wished to buy something and cringed due to fund crunch, this is your time to get what you want. It won't disrupt your financial stability. You can either buy your desired goods on EMI using the extra money or you can save up the extra amount to create a wholesome corpus to acquire it in the near future.

Bullshit..TOI whom are u bullshiting..why are u praising GST.every thing is costly now.starts from normal breakfast to sanitary pads..SANITARY PADS!!! For gods sake
Imayan Gowthaman

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If you have not taken a life or health insurance cover, you can use the extra money for buying it. You can start with a small amount and then move on to a higher cover as and when you are comfortable. People often depend on the corporate cover but it is not enough sometimes, draining out savings. So, the best is to have individual insurance to ensure adequate cover.