- GST Rate Changes Proposed: The GoM recommended reducing GST to 5% on 20-litre water bottles, bicycles under Rs 10,000, and exercise notebooks, while suggesting an increase to 28% on high-end shoes and wrist watches.
- Revenue Implications: These changes, led by Bihar Deputy CM Samrat Chaudhary, could generate an additional Rs 22,000 crore in revenue.
- Broader Discussions: The GoM discussed tax adjustments on over 100 items, aiming to balance relief for common goods with higher taxes on luxury items, addressing the drop in the average GST rate below the revenue-neutral level.
Source A2ztaxcorp
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