In the meeting of the GST Council to be held in early September, revolutionary changes can be seen as per PM Modi’s promise. Especially the common people are likely to get big benefits. The meeting will discuss the scheme of tax cuts on several products including cement, salon and beauty parlor as well as health insurance schemes.

In this meeting, it may be considered to bring all food and textile products into a slab of 5 percent, so that the tax system in the country can be made easier and all the classification concerns can be eliminated.

‘Proposal to reduce GST from 28 percent to 18 percent on cement’
The Times of India quoted sources as saying that GST on cement is proposed to be reduced from 28 percent to 18 percent. This will fulfill the long -standing demand for construction and infrastructure areas, as the construction material is a major raw material. This will help the common people to build a house.

GST Council meeting will be held on 3-4 September
The GST Council will meet on September 3 and 4 under the chairmanship of Union Finance Minister Nirmala Sitharaman, in which a change will be taken to change the slab of 40 percent on 5 percent and luxury items of 5 percent and luxury items for most items and services. Although states like West Bengal have suggested to increase the GST limit by 40 percent, but sources say that there will be a big amendment in the law for this.

How much tax will be paid on cars

The Modi government believes that 18 percent tax should be imposed on small cars up to 4 meters long and 40 percent tax will be levied on big cars, which is less than the current 50 percent (28 percent GST and 22 percent cess).

Also read

Trump is axing ax on America with tariff war! Russia-and China’s tri-tried strength

India plan to counter us tarifs: US President Donald Trump has announced an additional 25 percent tariff in the form of penalty for purchasing cheap oil from Russia after a 25 percent base tariff already implemented to India. Also, the American Treasury Secretary has warned that if the conversation between the US and Russia on August 15 is inconclusive, then this penalty can be increased on India.

What is India’s plan?

This announcement has created a new challenge in front of Indian exporters. Speculation about the future of economy and business is sharp. Experts believe that if the burden of tariff continues to grow in this way, then India’s GDP growth may have a negative effect. According to Moody’s report, this may cause a deep shock to the ‘Make in India’ campaign and manufacturing sector.

The Government of India has become active to deal with these challenges. According to the Business Standard report, the Ministry of Commerce and Industry has prepared a support plan of Rs 25,000 crore, which will be applicable in a period of six years. This proposal has been sent to the Finance Ministry and after getting the approval, the cabinet will be kept for approval.

What will happen in the new scheme?

Under the new scheme, small exporters will be provided collateral-free loan facility. In addition, exporters in high-risk markets will get special assistance and will also promote alternative financial instruments like cross-border factoring. Exporters say that the government will have to take concrete steps at the earliest, so that the impact of American tariffs can be reduced and India’s exports can be protected.

Also read: America-Russian meeting could not even fill up the rupee, the collapsed against the dollar, know how broken