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GST Council Meeting: The two -day meeting of the GST Council has started from 3 September. This meeting has been called before the scheduled time and important decisions are expected to be taken regarding the GST reform. Currently, four slabs are present in the GST system, but the council is considering simplifying this structure. It is proposed that about 99% of items, which come to the slab of 12% at this time, should be shifted to a slab of 5%. In addition, about 90% of goods, which are currently included in the GST slab of 28%, will be considered bringing them to 18% slab. It is believed that the Prime Minister in the meeting Narendra Modi The final decision can be taken by keeping in mind the announcement made by the ramparts of the Red Fort.
What will be cheaper:
If the GST Council meeting removes the slabs of 12 percent and 28 percent and those items are brought to 5 percent and 18 percent slabs, then the prices of these goods may decrease:
12% to 5% slab goods
Processed food products (such as packaged sweets, salty, tomato sauce, papad etc.)
Readimed Garments and Footwear
Domestic use
Furniture, plastic products and electrical accessories
28% to 18% slab goods
Domestic electronics (eg TV, fridge, AC, washing machine)
Two-wheelers and cars (mid-segment)
Cosmetic products and perfumes
Paints, Cement and Construction Material
What will be expensive
However, according to the reports, after the change in GST slab, there are some things which will become quite expensive. That is, the government will increase tax on those things. This includes harmful such as alcohol and luxury items.
Obviously, consumers will get direct benefit of this in the form of cheap prices and the industry will also get an opportunity to increase sales. This is considered a major step towards promoting domestic industries. If consumption is promoted at the domestic level, then from manufacturing to employment, its direct effect can be seen. This is the reason that America is also taking such steps to save its industries amidst trade tariff tension.
