The 48th meeting of the GST Council concluded on Saturday under the chairmanship of Finance Minister Nirmala Sitharaman. In this meeting, a special demand of two years old small traders was accepted. Due to this, the way has been cleared for people to get cheap goods on e-commerce sites very soon.
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if you are also online Online Shopping or e-commerce sites (E-Commerce Sites) If you like to shop from, then this news is for you. GST Council on Saturday (GST Council Meet) 48th meeting of Finance Minister Nirmala Sitharaman Nirmala Sitharaman Small traders in this meeting chaired by (Small Traders on E-Commerce) A 2 years old demand has finally been approved. Cheaper than this on online shopping platforms (Cheap Products on Online Shopping Platforms) A new way of meeting has opened.
goods and services tax (Goods and Service Tax-GST) The final decision on matters related to GST is taken by the GST Council. The Union Finance Minister is its chairman, while the Finance Ministers of all the states or their representatives are its members.
Accepted this demand of traders
In view of the increasing trend of e-commerce in the country, small traders have been demanding for a long time to allow non-registered traders in GST to do business on online platforms. The GST Council had given in-principle approval on this in its last meeting. The final seal was put on this in the meeting held on Saturday.
GST Council said that for this, notifications related to favorable amendments in GST law and rules will be issued soon. However, this entire system can be implemented by October 1 next year.
CAIT praised the government
All India Association of Small Traders CAIT Has appreciated this decision of GST Council. CAIT National General Secretary Praveen Khandelwal said that this decision will empower small traders to expand their business through e-commerce. This will also strengthen the Digital India vision of PM Narendra Modi.
He said that there are about 8 crore small traders in the country, but a large number of traders run business activities without GST registration. One of the reasons for this is that their annual sales are very less than the GST limit. Such traders will now be able to do business on e-commerce, which will be a big relief for them.
Cheap goods will be available on e-commerce sites
At present, India is fast emerging as an e-commerce hub. E-commerce business now accounts for about 10% of the total retail sector in the country. While in sectors like textiles and electronics, it holds up to 25-50% stake. In such a situation, this decision of GST Council will increase more competition in this segment, it will ultimately benefit the consumer and they will get cheaper goods.