GST Council Meeting: Reduction in Tax Rates on Daily Essentials Possible, know

GST Council Meeting: PM Narendra Modi had given a big hint about the change in GST slab. He had said a big thing about GST from the ramparts of the Red Fort. It is expected that this time, many big changes can happen in the GST Council meeting. Earlier, it was expected that the GST Council meeting would be held close to Diwali. But this meeting is going to be held before time.

The GST Council meeting can prove to be very helpful for businessmen as well as customers. Tax can be reduced on some daily-use items. The two-day meeting will start on Wednesday, on which all eyes are fixed. Union Finance Minister Nirmala Sitharaman is also going to attend this meeting.

In the proposed reforms, the current 12 per cent and 28 per cent tax slabs can be abolished. New 5 per cent and 18 per cent GST slabs can be created. A special rate of 40 per cent GST can be implemented on some selected items.

Why is this meeting important?

The GST Council meeting is considered very important in many ways. Due to the reduction in tax slabs, everyone’s eyes are on the meeting. PM ​​Narendra Modi had given information about the plan of GST reforms on the occasion of Independence Day. After this, all the businessmen were eyeing the GST Council meeting.

The GoM has also agreed to the proposal of the Centre to reduce tax rates. According to information received from some sources, broadly agreeing with the changes in the slabs, the Group of Ministers has decided that 18 per cent GST can be imposed on electric vehicles costing up to Rs 40 lakh.

Know what the main changes can be.

For information, let us tell you that GST on ghee, dry fruits, 20 litres of drinking water, namkeen, some shoes and apparel, medicines and medicines can be reduced from 12 per cent to 5 per cent. Apart from this, items like pencils, bicycles, umbrellas and hairpins can also be included in the 5 per cent lab.

At the same time, tax on electronic items like TV, washing machine and refrigerator can be reduced from 28 per cent to 18 per cent. At present, 28% GST is applicable on vehicles. Rate and compensation cess are applicable.