A big decision related to changes in the GST slab may be taken
Saturday - February 8, 2020 4:14 pm ,
Category : WTN SPECIAL
GST came into force on July 1, 2017
GST slabs and changes in rates to be discussed soon
FEB 08 (WTN) - Modi government may soon make major changes in the existing rates and slabs of the Goods and Services Tax. According to the information, the government wants to keep only 3 rates instead of the current 9 rates in the GST. That is if this happens, then only three slabs in the GST will be 8%, 18%, and 28%. However, while doing so, the government will try to take full care that changes in the GST rates do not make food and commodities expensive. Actually, it is being said that after the budget, the government will start the exercise of harmonizing the GST rates, as the government is in favor of keeping the rate of most items slightly more than the neutral.
At the same time, it is being said that the government may adopt a special strategy on food inflation, and a new slab can be considered for food and drink. In fact, for a long time, experts have been demanding that more slabs should not be placed in the GST, because frequent changes in the GST slabs or rates create problems and affect business.
For your information, let us tell you that the much-awaited GST came into force across the country from July 1, 2017, and all indirect taxes have been included in it after GST came into force. Actually, since the introduction of GST, many times the rates of GST have been changed. At present, there are four slabs under GST, and these are 5%, 12%, 18%, and 28%. At the same time, there are many products that do not attract GST. Also, there are five such products, in addition to GST, there is cess also.
According to the information received from the media, the rate of most items can be brought in a slab of 18%, whereas it may be considered to make only one 8% slab by mixing all the lower slabs. For luxury and de-merit goods, a maximum slab of 28% can be continued. However, a committee on GST has suggested the government to make only two slabs of 10 and 20 percent. But if this happens, then the possibility of everyday used items becoming expensive will increase.
At the same time, let us know that the rebate facility can be started from April 1 on giving the GST bill through a digital payment mode. Under this new scheme, customers will get a cashback of up to 20 percent, while there is a discount on the payment that is done by UPI, BHIM, and RuPay card. Actually, it was approved by the GST Council in November last year. Now it has to be seen how much change in the GST slab and rate happens in the coming time. By the way, the government will try its best not to get expensive food items, because if it is so, then the general public may face a lot of trouble.
FEB 08 (WTN) - Modi government may soon make major changes in the existing rates and slabs of the Goods and Services Tax. According to the information, the government wants to keep only 3 rates instead of the current 9 rates in the GST. That is if this happens, then only three slabs in the GST will be 8%, 18%, and 28%. However, while doing so, the government will try to take full care that changes in the GST rates do not make food and commodities expensive. Actually, it is being said that after the budget, the government will start the exercise of harmonizing the GST rates, as the government is in favor of keeping the rate of most items slightly more than the neutral.
At the same time, it is being said that the government may adopt a special strategy on food inflation, and a new slab can be considered for food and drink. In fact, for a long time, experts have been demanding that more slabs should not be placed in the GST, because frequent changes in the GST slabs or rates create problems and affect business.
For your information, let us tell you that the much-awaited GST came into force across the country from July 1, 2017, and all indirect taxes have been included in it after GST came into force. Actually, since the introduction of GST, many times the rates of GST have been changed. At present, there are four slabs under GST, and these are 5%, 12%, 18%, and 28%. At the same time, there are many products that do not attract GST. Also, there are five such products, in addition to GST, there is cess also.
According to the information received from the media, the rate of most items can be brought in a slab of 18%, whereas it may be considered to make only one 8% slab by mixing all the lower slabs. For luxury and de-merit goods, a maximum slab of 28% can be continued. However, a committee on GST has suggested the government to make only two slabs of 10 and 20 percent. But if this happens, then the possibility of everyday used items becoming expensive will increase.
At the same time, let us know that the rebate facility can be started from April 1 on giving the GST bill through a digital payment mode. Under this new scheme, customers will get a cashback of up to 20 percent, while there is a discount on the payment that is done by UPI, BHIM, and RuPay card. Actually, it was approved by the GST Council in November last year. Now it has to be seen how much change in the GST slab and rate happens in the coming time. By the way, the government will try its best not to get expensive food items, because if it is so, then the general public may face a lot of trouble.
