A reduction in GST could lead to lower prices for essential food and beverage items consumed daily, offering relief to consumers amid rising inflation.
The 56th Goods and Services Tax (GST) Council meeting, scheduled for today and tomorrow, in New Delhi, is set to discuss one of the biggest tax overhauls since the GST regime was rolled out in 2017. The main agenda for the meeting includes proposals to simplify GST rates with a focus on the 5 per cent and 18 per cent slabs. There are also plans to eliminate the 12 per cent and 28 per cent slabs, rationalising the tax structure. Meanwhile, there are chances of application of a 40 percent tax for luxury items, sin goods, and demerit goods.
A reduction in GST could lead to lower prices for essential food and beverage items consumed daily, offering relief to consumers amid rising inflation.
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Despite rate rationalisation, the Goods and Services Tax (GST) collections rose 4.6 per cent (year-on-year) in the festive month of October at about Rs 1.96 lakh crore, the official data showed on Saturday.
Assam Chief Minister Himanta Biswa Sarma announced the state cabinet's decision on the collections from the film
Finance Minister Nirmala Sitharaman on Friday said GST officers should be polite and empathetic in dealing with honest taxpayers and asked them to use technology for faster registration approvals and grievance redressal.
Goods and Services Tax (GST) reforms will reduce costs and broaden markets for Ladakh's artisans, farmers, and tourism operators, and safeguard local crafts, the government said on Wednesday.
Amidst all the hoopla, it is the State governments that truly deserve recognition for coming together for the GST revision. Because the States are the ones bearing the brunt of massive revenue losses.
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