By Admin 
Next gen gst reforms: PM Modi made a big announcement of GST reform in his speech from the Red Fort on the occasion of Independence Day. It is expected to be implemented across the country before Diwali in the festive season to speed up the economy amidst a shock from American tariffs. Its purpose is to improve tax structure as well as reduce the tax burden on businessmen and people.
PM Modi has also indicated in his speech that tax and prices will be cut from above everyday needs. At present, GST has five slabs, of which 0 percent, 5 percent, 12 percent, 18 percent and maximum 28 percent. But the government now wants to bring it into only 2 slabs. While the cess can be eliminated from above the salmon. This will provide considerable relief to local sellers, MMMEs and consumers.
PTI has quoted government sources as saying that 90 percent of the 28 percent of the slabs will be brought inside the slab of 18 percent. Whereas all 12 percent GST will be shifted to 5 percent.
These things will increase the price
While the government wants to keep two slabs of GST, it wants to increase the rates of GST to 40 percent on luxury and harmful goods. These will include Paan Pashla, cigarette, tobacco, luxury car, SUP and online gaming.
The Indian Express has quoted sources as saying that keeping in mind the social values, the revenue department has made category for harmful and luxurious goods, online gaming is fit in it.
What should happen cheap
1- The products and services on which 12 percent GST charge is currently charged, after going within 5 percent, many essential items such as medicines, processed food and some dairy products as well as hotel rooms and some construction items will be cheaper.
2- The items and services that are charged 28 percent GST, the things that will be cheaper by bringing them under 18 percent include air conditioners, refrigerators and cement. GST cuts are also expected to be cut on the insurance sector.
3- Bringing 28 percent GST within 18 percent will benefit the four-wheelers with a four-wheel vehicles with an engine less than 1200 cc and a two-wheeler less than 500 cc. It is believed that the sale of Maruti Suzuki and Hero Motor Corp may increase further in the coming days.
Significantly, on 1 July 2017 in India, GST was implemented in five slabs for the first time. In this, a tax system was implemented across the country, including all the state governments and tax and central tax.
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