GST Council to Discuss Simplifying Tax Regime, Reducing Levies on Cement, Services, and Insurance

• GST Council to discuss reducing levies on products like cement and services such as salons and beauty parlors
• Proposal to move all food and textile products into the 5 percent slab
• Cement levy proposed to be reduced from 28 percent to 18 percent
• Government evaluating lowering levies on some services from 18 percent to 5 percent
• Small salons are exempt, mid and higher-end ones face 18 percent GST
• Term assurance and health insurance policies may have zero GST
• GST Council meeting on September 3 and 4 to decide on fewer slabs: 5 percent and 18 percent for most goods and services, 40 percent for sin and luxury items
• Small cars to face 18 percent tax, larger ones 40 percent levy
• Move to a simpler regime balancing consumer and exchequer interests based on eight years of GST experience

Source: timesofindia.indiatimes.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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