By Admin 
GST reforms: If you are fond of branded clothes, then soon the bill is going to be reduced on your shopping. Along with this, food items can also be cheap. Taking a decision on this in the GST Council to be held under the chairmanship of Union Finance Minister Nirmala Sitharaman next month, these things can be brought to 5 percent slab by reducing the rates of GST.
The Times of India has quoted its sources as saying that under the government’s steps to make the tax structure easier, the proposal to reduce the rates of GST on clothes and food items is on the government’s agenda.
Prices of many things will decrease
The GST Council is going to meet next month i.e. September 3 and 4, which will include the Union Finance Minister as a member of it from all the state governments. In this, a provision has been made to keep only two slabs and 18 percent after the GST reform, while 40 percent GST rate will be imposed on harmful or luxury items.
According to TOI, this suggestion of some states has come, including West Bengal, on whose behalf it has been said that the maximum rates of GST should be increased by 40 percent. But such a step will be a wrong signal. Along with this, important amendments in the law will also be required.
How much GST on what things?
It is believed that GST rates above cement can be reduced from 28 percent to 18 percent. Apart from this, GST above salon and parlor can be reduced from 18 percent to 5 percent. A provision is being made to bring 18 percent of GST from AC, TV to refrigerator.
Whereas the GST rates on health insurance can be reduced from 18 percent to zero. After the GST reform, the state governments are also worrying about their revenue. In such a situation, now during the GST Council, the way will also be found that how will the states compensate for those losses from the center.
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