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Friday, November 10, 2017

GST Council meeting Live Updates – Only 50 items to remain in top 28 per cent bracket

GST Council meeting Live Updates – Only 50 items to remain in top 28 per cent bracket

During the 23rd Council meeting underway in Guwahati, Assam, it was decided to keep only 50 items, mostly demerit, sin and luxury goods in top 28 per cent bracket, said Bihar Deputy CM Sushil Modi. The GST Council meeting, which is being held under the chairmanship of Union Finance Minister Arun Jaitley, will likely consider pruning items in the 28 per cent tax slab and slash rates for daily use items, plastic products and hand-made furniture.
The panel headed by Jaitley will likely look at the most comprehensive overhaul of rates, easing returns filing and providing more relief to small and medium enterprises. In the run-up to the assembly elections in Gujarat and Himachal Pradesh, opposition Congress and its leaders have been targeting the government over difficulties faced by some businesses under the GST regime, with party vice-president Rahul Gandhi even calling it a ‘Gabbar-Singh Tax’.

GST Council meeting Live Updates: 

2:30 pm: GST meeting will be path-breaking, many crucial decisions in favour of traders, manufacturers and consumers will be taken. Some important decisions have already been taken like reducing almost 200 goods from 28% to 18% slab: Himanta Biswa Sarma, Assam Finance Minister
2:15 pm: Council announces big relief for consumers. “The GST Council decides to keep only 50 items, mostly demerit, sin and luxury goods in top 28% bracket,” Bihar Deputy CM Sushil Modi said. “Lower 18 per cent GST will be levied on chewing gums, chocolates, after-shave, deodorant, washing power, detergent, marble,” he added.
1:51 pm: The Congress-ruled states of Karnataka and Punjab, and Union Territory Puducherry have demanded a complete overhaul of the GST rate structure and simplification of the procedures.
1:35 pm: Manish Sisodia said: “Tax rates should have been set lower from July 1 itself and I have said that 28 per cent tax rate means you are encouraging black marketing.”
1:28 pm: Delhi deputy chief minister Manish Sisodia, who is present at the crucial meeting, said lower tax rates should have been implemented from July 1, when the GST was rolled out.
1:24 pm: The Congress-ruled states have been demanding rationalisation of GST rates to bring down the peak tax rate from current 28 per cent.
1:20 pm: Delhi joined the growing chorus of opposition against the highest 28 per cent GST rate, saying a high rate would encourage black marketing.
1:00 pm: Congress leader P Chidambaram on Friday said a “shower of changes” is expected from the Council meeting in Guwahati and the “panic-stricken” Modi government has no option but to change the new tax rates.
12:45 pm: It may also look at rationalising rates in certain sectors where the total incidence of taxation has gone up because the goods were either exempt from excise or attracted lower VAT rates under the previous indirect tax regime.
12:30 pm: Comprising of state finance ministers, the Council is also likely to review the GST returns filing cycle and make it more taxpayer friendly.
Source: IE

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