18% GST: TVs, AC, Small Cars, Bikes Under 350cc To Cost Less Now

The Goods and Services Tax (GST) Council announced today that only two rates will remain from September 22 - 5 per cent and 18 per cent.

The complicated GST slabs that gave headaches to small traders after the flagship tax overhaul came into effect eight years ago, was cleaned up by the government today, leaving only two slabs -- 5 and 18 per cent.

The total revenue loss on account of GST reduction is pegged at around Rs 48,000 crore annually.

Karnataka, Punjab and West Bengal are among the states seeking stronger measures for revenue protection in view of the planned GST overhaul, sources said.

Currently, footwear and apparel priced up to Rs 1,000 are taxed at 5%. Beyond the threshold, 12% Goods and Services Tax is levied.

September is crucial for managing your finances efficiently. Completing these tasks on time can save you from unnecessary difficulties later.

GST 2.0: According to CEO Vaibhav Sanghvi, business model-wise, companies in quick-commerce and food delivery segments are grabbing market share in traditional spaces.

Additionally, the Council has also cleared automated GST refunds for exporters and cases with inverted duty, sources said.

The Goods and Services Tax Council has approved measures to ease burden of compliance on businesses, sources told NDTV Wednesday evening.

GST 2.0: Pranjul Bhandari the chief India economist at HSBC, highlighted that a festive-season tax cut is great, but there are some factors to be cautious about.

In terms of points contribution, HDFC Bank Ltd and Tata Steel Ltd. contributed the most to the gains in the Nifty.

As many as eight sectors will benefit the most from the rate overhaul, as per the Centre's blueprint for GST reforms.

GST Council Meeting: The participants included Union Minister for State for Finance Shri, Chief Ministers of Delhi, Goa, Haryana, Jammu and Kashmir, Meghalaya and Odisha.

Rationalisation of the GST framework - a process that began this morning with Finance Minister Nirmala Sitharaman chairing a GST Council meet - is based on sharp differences in revenue collected under each of the existing four slabs.