On Independence Day, Prime Minister Narendra Modi announced an upcoming rationalization of GST rates. Previously set at 5%, 12%, 18%, and 28%, the revised GST structure will now primarily center around 5% and 12%. This change is expected to benefit consumers significantly, especially the middle class, as essential categories like apparel, footwear, electronics, and medicines will become more affordable. Businesses are preparing by updating their billing systems and offering discounts to clear old inventory. For instance, apparel priced up to Rs. 2,500 will now attract only 5% GST. The result: lower prices at checkout and increased accessibility for daily consumer goods.
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A taxpayer who files late, makes an error or delays payment will face recovery, interest and a proportionate penalty, but nothing beyond that.
The meeting is not expected to consider any broad rate changes, with only a limited set of rationalisation and clarification issues on the agenda, the sources said.
The GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state ministers, will, in its meeting on Thursday, discuss changes in registration, returns, and refunds mechanism.
The film has been streaming on JioPlus Hotstar since October 2.
The difference in prices can influence consumer behaviour. Consumers may change brands, purchase occasions or quantities based on the price.
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