The GST Council will have a big meeting on 3-4 September, 5% and 18% on the offer of two slabs

GST Council In an important meeting to be held on September 3 and 4, a proposal will be decided to reduce the existing 4 slabs of the Goods and Services Tax (GST) to 2 slabs. The meeting will be held under the chairmanship of Union Finance Minister Nirmala Sitharaman. GST is the GST Council, the supreme body to take decisions in GST related matters. The office memorandum issued by the GST Council Secretariat said that a two -day meeting of the GST Council will be held in New Delhi. The council consists of finance ministers from all states and union territories except the Center.

There will be discussions on the recommendations of ministers groups

The meeting will consider the recommendations of Minister Groups (GOM) constituted on GST tax rates, compensation cess and health and life insurance premiums. The ministers groups had agreed to the proposal of the center of change in the GST tax slab this week. The central government has proposed to keep only 2 slabs- 5% and 18% of GST. There will be 5 percent GST on ‘merit’ category products and services and 18 percent on ‘standard’ category products and services. Apart from this, it is also proposed to create a separate slab of 40 percent GST for some luxury and harmful products.

4 slabs of GST applied in the country right now

Let us tell you that GST came into force on 1 July 2017 across the country. Currently, the current GST system has 4 slabs- including 5, 12, 18 and 28 percent rates. Apart from these, many products are also cessation. In his address on Independence Day, Prime Minister Narendra Modi had announced a comprehensive improvement in the GST tax structure by Diwali. If the new rule of GST is applied, then the prices of many things will decrease in everyday life. Entry level vehicles will also become cheaper. Apart from this, the prices of TV and AC will also be reduced.

With PTI inputs …

Latest business news