New Delhi22 minutes ago
- Copy link
The central government can implement the new rates of Goods and Service Tax (GST) from 22 September. This information has been given in the report of NDTV Profit. The aim of the government is to demand demand and sales in many sectors in Navratri and festive season.
CNBC sources said 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.
GST Council will meet on September 3 to 4
The 56th meeting of the GST Council will be held in New Delhi from 3 to 4 September. In which the proposals for 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%.
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.
The 56th meeting of the GST Council will be held under the chairmanship of Finance Minister Nirmala Sitharaman.
GST Council’s group of ministers has been approved
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.
-
Silver ₹ 1.16 lakh per kg, ₹ 2,227 prices increased today: This year became ₹ 30,116 expensive; 10 grams of gold ₹ 1,00,488, ₹ 1,130 price increased
- Copy link
share
-
Impact feature: Future is protected only by good savings, so financial literature is necessary to understand good investment plan
- Copy link
share
-
OYO will file draft papers for IPO in November: The company’s target of an valuation of ₹ 70 thousand crore with the issue
- Copy link
share
-
Sensex climbed 329 points to close at 81,636: The Nifty rose by 98; IT, Realty and Pharma Index of NSE climbed up to 3%
- Copy link
share
Source link
[ad_3]