- GST Council meeting expected in September to discuss tax reforms
- Focus on removing 12 percent GST slab and rationalizing rates for health and life insurance
- Prime Minister announced plans for a major GST overhaul with lower rates by Diwali
- Current GST rates are 0 percent, 5 percent, 12 percent, 18 percent, and 28 percent
- Government considering redistributing items from 12 percent slab to 5 percent and 18 percent categories
- Aim to make essential services more affordable and reduce taxes on daily products
- Reform seen as a step to boost consumption and economic growth
- Final decisions expected in September meeting with reforms likely before Diwali
Source: a2ztaxcorp.net
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.
Latest Posts in "India"
- India announces changes in the Invoice Management System
- GST: India’s Grand Federal Bargain Becomes Imperfect Political Compromise After Eight Years
- GST 2.0 Boosts Bengal’s Economy with Rate Cuts on Local Goods and Industries
- Finance Minister Addresses GST Transition Concerns, Outlines Measures for Smooth Implementation
- Rajasthan HC Rules Principal-to-Principal Service Contracts as Export, Not Intermediary, Under GST
