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Currently GST has 4 slabs- 5%, 12%, 18%, and 28%. Two slabs will be left after the change. The slab of 12% and 18% will be removed.
The 56th meeting of Goods and Service Tax i.e. GST Council will start in New Delhi today (September 3, Wednesday). In this two -day meeting, proposals and reforms of GST rates will be discussed under the chairmanship of Finance Minister Nirmala Sitharaman.
The central government is proposing to implement two slabs 5% and 18% to simplify the current structure of GST. At the same time, luxury items will come under 40%.
Currently GST has 4 slabs- 5%, 12%, 18%, and 28%. At the same time, this meeting will end on 4 September. After this, the decisions taken in the meeting can be announced.
New tax rates may be applicable from September 22
According to media reports, the central government can implement the new GST rates from September 22. The aim of the government is to demand demand and sales in many sectors in Navratri and festive season.
At the same time, the CNBC report stated that the government is appealing to the GST Council to approve the changes in rates with immediate effect.
In fact, the government is worried about the possibility of slowing the pace of sales in many major sectors. For this, she is also working on removing concerns related to the Revenue loss of the states.
The 56th meeting of the GST Council will be held under the chairmanship of Finance Minister Nirmala Sitharaman.
New tax rates may be applicable from September 22
According to the NDTV profit report, the new tax rates may be applicable from September 22. So that in the festive season of Navratri, demand and sales can be accelerated in many sectors. At the same time, official notifications are expected to be issued within 5 to 7 days after the council’s decision.
GST Council has got approval from a group of ministers
Last week, the Group of Ministers (GOM) accepted the central government’s two -slab proposal. Bihar Deputy Chief Minister Emperor Chaudhary had said on August 21 that the group had approved the proposal of 5% and 18% structure by removing the current 12% and 28% rates.
New rates likely to reduce consumer goods prices
The new GST rates are expected to reduce the prices of consumer goods. Which can promote shopping in the festive season. However, states are concerned about revenue reduction, which the central government is trying to solve with several measures.
This proposal is expected to be finalized in the GST Council meeting. After which a simple and consumer friendly tax system may be implemented in the country. The final decision in cases related to GST takes the GST Council. The council consists of finance ministers of all states and union territories as members.
PM announced GST reforms on Independence Day
Prime Minister Narendra Modi had told the Red Fort on Independence Day that this year Diwali is going to get a big gift. We are bringing Next Generation GST Reforms. Will reduce tax for ordinary people, everyday things will become cheaper, people will benefit greatly.
Prime Minister Narendra Modi announced GST Reforms on Independence Day.
These goods will be cheap: Tax on these will be 12% to 5%
According to the expert, dried fruits, branded salty, tooth powder, toothpaste, soap, hair oil, normal antibiotics, painkillers, processed foods, snacks, frozen vegetables, condensed milk, some mobiles, some computers, sewing machines, pressure cookers, gases will be cheaper.
Apart from these, no electricity water filters, electric iron, vacuum cleaner, readymade clothes of more than 1000 rupees, shoes with a range of 500-1000 rupees, most vaccines, HIV/TB diagnostic kits, bicycles, utensils will also be taxed.
Products such as geometry boxes, maps, globes, glazed tiles, pre-fabricated building, vending machines, public transport vehicles, agricultural machinery, solar water heater also come in 12% tax slab. After approval of two slabs, they will be charged 5% tax.
These goods will also be cheap: Tax on these will be 28% to 18%
Cement, beauty products, chocolate, ready-mix concrete, TV, fridge, washing machine, AC, dishwasher, private aircraft, protein concentrates, sugar syrup, coffee concentrates, plastic products, rubber tires, aluminum foil, temporary glass, printers, razor, manner kitted, dental kitte, dental kitte, dental kitte.
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