Business

GST Council To Meet On December 31 To Discuss Rate Rationalisation

   Download Android App    Share in      FullScreen   CheckVideos

GST council will hold its conference on December 31New Delhi: The GST council headed by financing minister Nirmala Sitharaman will fulfill on December 31, a day after she meets her states equivalents for pre-budget consultations.The council is expected to go over the report of the group of states finance ministers on rate rationalisation, which will be submitted during the conference.

It is likewise likely to go over correction in task inversion in specific products, main sources said.The panel has examined items under an inverted responsibility structure to help minimise refund payout.The fitment committee, consisting of tax officers from states and the Centre, has made lots of sweeping recommendations to the financing ministers' panel concerning the slab and rate changes and bringing numerous items out of the exemption list.Currently, GST is a four-tier slab structure of 5, 12, 18 and 28 per cent.

Essential items are either exempted or taxed at the most affordable slab, while luxury and demerit items draw in the highest slab.

On the top of the greatest slab, a cess is levied on luxury and demerit goods.There have been demands for combining the 12 and 18 per cent slabs and likewise for securing certain items from the exempt category to stabilize the impact of slab rationalisation on revenue.West Bengal's previous financing minister Amit Mitra has actually urged the Union finance minister to roll back a proposed hike in textile from 5 percent to 12 per cent stating this would result in closure of around one lakh textile systems and 15 lakh task losses.Telangana markets minister K T Rama Rao has actually also advised the Centre to withdraw its proposed plan to increase GST rates.Even industry bodies have opposed the rise in tax from 5 percent, pointing out higher compliance cost particularly for the unorganised sector and micro little and medium enterprises (MSMEs) besides making the poor man's clothing costly.




Unlimited Portal Access + Monthly Magazine - 12 issues-Publication from Jan 2021

Buy Our Merchandise (Peace Series)

 

Contribute US to Start Broadcasting


It's Voluntary! Take care of your Family, Friends and People around You First and later think about us. Its Fine if you dont wish to contribute and if you wish to contribute then think about the Homeless first and Feed them. We can survive with your wishes too :-). You can Buy our Merchandise too which are of the finest quality.

Debit/Credit/UPI

UPI/Debit/Credit

Paytm

STRIPE

Details
Category: Business


20