The Goods and Services Tax (GST) Council has allowed the hike in rates and withdrawal of certain exemptions.
The price of some goods and services is going to increase from July 18. The Goods and Services Tax (GST) Council has allowed the hike in rates and withdrawal of certain exemptions.
The price of some goods and services is going to increase from July 18. goods and services Tax (GST) The council has allowed the hike in rates and withdrawal of some exemptions. Finance Minister Nirmala Sitharaman (Nirmala Sitharaman) Said that any increase in GST rates is aimed at removing inefficiencies in the value chain. He said that all the states (Inflation) But are aware of the impact of rationalization of rates. and the tax raised by some other things in that value chain due to the increase in GST rates (tax) The burden will also be compensated.
There will be a positive impact on revenue collection: Sitharaman
Sitharaman said after the 47th meeting of the GST Council that inefficiencies can be corrected with technology and this is expected to have a positive impact on revenue collection. But the RBI study rate has been exceeded, which has damaged the system, he said. He needs to be fixed.
The minister said that there is no opposition from any state on the change in rates. He said that the suggestions of the fitment committee were thoroughly considered before the GST Council. And almost all of them have been approved.
No change in GST slabs yet
Major reforms on GST slabs have been deferred as the Council has given three more months to the Group of Ministers (GoM) on rationalization of rates to submit their suggestions. No decision has been taken regarding the imposition of tax on online gaming, casino and horse racing. Because the GoM, which reviewed the matter, has been asked to make a final recommendation by July 15. Before this, the casinos of Goa will be represented.
The next meeting of the Council will be held in Madurai in the first week of August, in which these recommendations will be considered. The council also heard the demands of many states to increase the compensation cess, which is coming to an end. But no decision has been taken on this. Many states said that they will take the matter to Prime Minister Narendra Modi.