GST couricil meeting: The 56th meeting of GST Council will be held on 3 and 4 September in New Delhi. In this, GST reforms with three pillars of the central government will be discussed. GST 2.0 includes a large scale change in tax rates. In addition to the improvement in GST structure and relief to the common man, the council will also think on the 2-rate GST structure proposed by the government.
It is worth noting that under GST reforms, the proposal to include 12 percent and 28 percent slabs in 5 percent and 18 percent slabs has been approved by GOM on Thursday. Now a final decision will be taken in the council meeting on this. The government has also proposed to impose GST at the rate of 40 percent on syncle goods like alcohol, gambling, tobacco.
The general public of the country will get relief
Prime Minister Narendra Modi, while addressing the people of the country on the occasion of Independence Day, promised to reduce GST rates. He had said that by this Diwali, ordinary citizens of the country will get a big benefit. The central government has proposed only two tax rates-5 percent and 18 percent in the revised system of Goods and Services Tax (GST). With this, the tax slab of 12 percent and 28 percent will end.
At present, there are four slabs of 0 percent, 5 percent, 12 percent, 18 percent and 28 percent, which will be reduced to slabs and merit. To promote the country’s employment generation sector, a special slab of less than 5 percent will be kept in GST tax structure. Apart from this, a slab of 40 percent is also proposed, which will include five to seven harmful items.
According to the proposal, 99 percent items included in the 12 percent slab will come in the 5 percent slab. Similarly, 90 percent of the 28 percent slab will join the 18 percent slab included in the slab.
These things will become cheap
It is expected that GST on small cars will be reduced from 28 percent to 18 percent, which will reduce their price. After the approval of the proposal of a two-by-two GST structure by the Ministry of Finance by the GST Council, the prices of common-used items like Namkeen, Bhujia, Snacks, Noodles, Butter, Ghee will become cheaper. Government sources said, “All the necessary daily use items related to food and education consumed by the common man will come under zero or 5 percent GST slab.”
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Dairy products from medicine to dairy products … 12 and 28% will become cheaper with the end of slabs
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