By Admin 
GST reforms: The government is going to take big steps towards simplifying the GST system. It was announced by Prime Minister Narendra Modi on August 15 in his speech from the ramparts of the Red Fort on the occasion of Independence Day. PM Modi said that major changes will be made in the GST structure so that the tax system can be easier for the common people and traders.
Currently, four GST rates are applicable in the country – 5 percent, 12 percent, 18 percent and 28 percent. According to the news agency PTI, the government is preparing to abolish the slab of 12 percent and 28 percent of these. For this, the Group of Finance Ministers of the states has been given a blueprint of the scheme and a final decision can be taken on this in the meeting of the GST Council to be held in September. Before that the Group of Ministers will study this proposal.
What will change?
At present there is no GST on essential items. 5% GST on everyday goods like soap, toothpaste etc., 12% on normal items, 18% on electronic gadgets and services and 28% GST on luxury and harmful items.
According to the new proposal:
12% slab will be eliminated and the items under it will be brought to 5% GST.
28% slab will be eliminated and most of its items will be brought to 18%.
What will be cheap?
Objects that become cheaper after entering 5% GST:
Hair oil, toothpaste, soap, tooth powder, processed food, frozen vegetables, condensed milk, snacks, computers, mobile, geysers, pressure cooker, vacuum cleaner, water filter, ironing, bicycle, utensils, barbecue, geometry boxes, globes, naps, masks, agricultural machinery, HIV diagnostic coil And Ayurvedic medicines.
Interest by bringing 18% (in the first 28%):
AC, fridge, washing machine, TV, motorcycle seat, car, insurance, plastic products, razers, printers, aluminum foil, sugar syrup, protein concentrates and tamped glasses.
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