- Big change in GST rate expected, 3 slab instead of 4
- Changes in slab are expected to change prices of many commodities
- There is a possibility of discussion in this matter in the council meeting to be held in July
- new Delhi. On July 1, Goods and Services Tax ( GST ) has completed three years and the fourth year has started. In such a situation, the matter of GST Reform has started once again. According to experts, major changes can be seen in GST this year. One of which is such a change which is linked to the pocket of common man and that is GST rate ( GST rates)) And changes to the slab. GST rate and regionalization of slabs can be discussed in the upcoming GST Council meeting. Especially on those products which have the problem of inverted duty structure. According to the government, it has to bear a loss of about 20 thousand crores annually. At the same time, the country’s manufacturers have also faced a lot of problems.Which can be the change According to the
media report, in the upcoming GST Council meeting, the rates of inverted duty items can be seen to change. These include fertilizers, footwear, tractors, pharma, readymade garments, water pumps, medical equipment etc. Due to these items, the government of the country suffers a loss of about 20 thousand crores in tax collection. All these goods have inverted duty structure problem. This means that their input GST is higher and GST is less on the output product. There are many items on which the government can focus more.Also Read: Dubai homeowners can claim several rights from new LawTwo slabs can be rationalized
, according to the information received GST Council is also considering regionalization of tax slabs. These two slabs are 12 per cent and 18 per cent. There was talk of keeping it around the Revenue Neutral Way, which is around 15.5 per cent. It is discussing all these changes on behalf of the government. In the coming days, a proposal on this will be made and presented to the GST Council. So that the slab can be changed after discussing it in the GST Council. Let us tell you that currently the rates of GST slab are 5%, 12%, 18% and 28%. Which is being considered to be 8%, 18% and 28%. That is, there is talk of abolishing the rates of 5 and 12 percent. Because of which there will be an increase in the prices of some goods, then there will be a reduction in the prices of some.
Tomato crossed 90 rupees, Potato crossed 40 rupees, know how much Green Vegetables priceThere was more than 90 thousand crores GST collection
in June, recently, the government has got a lot of relief from the GST collection of June. In June, the government has seen more than 90 thousand crore rupees of GST collection. This figure is not good according to collection. Even after that the GST collection was added in April and May due to Corona virus, even if one lakh crore rupees was not made. That is, the collection of June is equal to the collection of April and May. This means that the country is once again seen to be back on track. Let us tell you that GST collection in June has been Rs 90,917 crore. It was Rs 62,000 crore in May and only Rs 32,294 crore was seen in GST collection in April.
