The new coalition government may further delay the key economic reform involving GST rate rationalization due to concerns about its impact on inflation. A committee is working on rationalizing rates for goods and services, but there is uncertainty about the outcome due to the potential inflationary effects. The political commitments of allies such as JD(U) and TDP will also influence any major changes in the tax structure. The process of GST rate rationalization faces significant challenges and uncertainties due to the new political equations.
Source A2ztaxcorp
Join our Linkedin Group on ”VAT Rates – Legislative changes”, click HERE
Latest Posts in "India"
- GST Council to Discuss Simplifying Tax Regime, Reducing Levies on Cement, Services, and Insurance
- GST Council to Discuss Moving Food, Textile Products to 5% Tax Bracket in September Meeting
- Auto Industry Urges Quick GST Rate Implementation to Boost Festive Season Sales
- GST Council to Discuss Sin Goods Tax, Rate Structure Overhaul, and Future Cess Plans
- GST Council to Consider Raising Maximum Slab Rate Beyond 40% for Luxury and Sin Goods