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GST rate may be reduced on mobile phones, footwear, and clothing

Friday - March 13, 2020 4:16 pm , Category : OPINION & INTERVIEW
GST Council meeting scheduled on 14 March
GST Council meeting scheduled on 14 March

So mobile phones, footwear, and clothes to become cheap

MARCH 13 (WTN) - If everything goes as expected, then mobile phones, footwear, and clothes may become cheaper in the coming times. Whereas, these goods of human need can soon become cheap if the government approves the demand to reduce the GST rate on these products. For your information, let us know that a meeting of the GST Council is proposed on Sunday 14 March. If it is agreed to the proposal that the GST rate on mobile phones, footwear, and clothes be reduced in this meeting, then these products may become cheaper in the coming days.

For your information, let us know that now 12 percent GST is charged on mobile phones. At the same time, GST is levied on some raw materials of mobile phones at a rate of 18 percent. Here, the GST Council had cut the GST on fixed price shoes and slippers in June last year itself. Explain that the council had cut the GST rates on shoes and slippers worth up to Rs 1,000 in June last year, and the GST rate had come down to 5 percent. At the same time, the rate of GST on shoes and slippers worth more than Rs 1,000 is only 18 percent. However, the GST rate on raw materials used in footwear is 5 to 18 percent.

Talk about GST on clothes, so for your information, let us knows that the different rates of GST in the textile sector are 5, 12, and 18 percent at present. Due to the three different rates of GST, exporters face difficulties in claiming and issuing refunds. Many traders who trade in clothing say that they have to face a lot of difficulties for GST refund claims due to the different rates of GST. In such a situation, it is believed that this time the council meeting should take a firm decision on this demand of the textile traders.

That is, in the upcoming meeting of the GST Council, the demand for reducing the GST rate on mobile phones, footwear, and clothes can be considered. Simultaneously, there is a possibility of postponing the filing of new returns and the implementation of e-invoices in the council meeting. According to the information, the operational flaws on the GST Network portal are expected to be discussed in the council meeting chaired by Finance Minister Nirmala Sitharaman, and Infosys may be asked to plan a solution to it at the meeting. For your information, let us know that IT Company Infosys was awarded the contract for the technical management of the GSTN network in the year 2015.

At the same time, the GST meeting will also discuss increasing revenue collection as the Central Government has made it clear to the state governments that the states do not have the funds to compensate for the revenue loss due to the implementation of GST. In this meeting, the integration of the GST e-way bill system with NHAI's FASTag system will also be discussed in April. It is being claimed that this will help in curbing the transportation of goods and GST evasion. Apart from this, the preparation of verification under the Aadhaar number of GST registered taxpayers can also be discussed in the council meeting. Explain that the lottery scheme proposed under GST is also likely to be discussed in the council meeting.