GST Council meeting: To rationalize GST rates, the Cabinet is considering increasing the GST rate on health-harmful products like cold drinks, cigarettes and tobacco from 28 per cent to 35 per cent. A decision on this issue may be announced in the GST Council meeting to be held on December 21.
Finance ministers of the states will participate in this meeting organized under the leadership of Union Finance Minister Nirmala Sitharaman. According to reports, the Cabinet has agreed to increase the GST rate on harmful substances like cold drinks, tobacco, cigarettes. GST rates of many other items will be changed in this meeting.
Will GST change on 148 products?
According to sources, the proposal to change GST rates on a total of 148 products was presented before the committee of the GST Council. The GST rate on most of these products may change in the next meeting. In which it has been decided to rationalize GST on clothes also.
New increase in GST slab
The official said that the GST slabs of 5 percent, 12 percent, 18 percent and 28 percent will remain intact. Apart from this, GST slab of 35 percent can also be added. In which this new GST can be implemented on tobacco related intoxicants and soft drinks.
GST on readymade garments
Rupee. It has been proposed to impose 5 percent GST on readymade garments costing up to Rs 1500. While Rs. 18% GST will be levied on clothes worth Rs 1500 to 10000 and 28% GST on clothes above Rs 10,000.
need six months time
The GOM constituted on the GST refund cess issue has sought six more months from the GST Council to submit its report. Earlier, GOM had to submit this report to GST Council by 31st December. The GoM was formed under the leadership of Minister of State for Finance Pankaj Chaudhary. It includes members from Assam, Chhattisgarh, Gujarat, Karnataka, Madhya Pradesh, Punjab, Tamil Nadu, Uttar Pradesh and West Bengal.
