12% in GST, recommendation to abolish 28% slab, public will get big gifts, things will be cheap, Center proposal GOM accepted

The public is going to get a big gift soon. It is recommended to eliminate 12%, 28% slab in GST. The central government’s proposal was accepted in an important meeting of the Group of Finance Ministers of the States. That is, in the coming few days, you will start seeing the prices of things reduced. The central government wants to give relief to the common man, farmers, middle class and MSMEs through changes in GST. She also wants to make the tax system easier through this.

At present, GST is imposed at the rate of 5, 12, 18 and 28 percent. Edible and essential commodities levy zero or five percent tax. Luxury and harmful items are taxed at the rate of 28 percent, on which cess is also levied.

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What is in proposal

The 6 -member Group of Ministers headed by Bihar Deputy Chief Minister Samrat Chaudhary has approved the proposal to replace the existing four -rate systems of 5, 12, 18 and 28 percent. Now only two rates will be applicable instead. It was proposed to impose 5 percent tax on essential goods and 18 percent on normal things, while some harmful goods like tobacco will apply 40%.

In the meeting, the proposal of the center to reduce the tax slab to 5 percent and 18 percent was discussed. GOM has agreed on this. The central government has proposed a large scale change in GST. In this, it is said to remove 12% and 28% slabs and keep two rates of only 5% and 18%. Apart from this, a special rate of 40% can be applied to goods like tobacco and paan masala. Edited by: Sudhir Sharma