Our Bureau
New Delhi
The new tax slabs of the Goods and Services Tax (GST) will be coming out soon as per the recent news surrounding it. As per the reports the Goods and Services tax Council that is headed by the Finance Minister of India, Nirmala Sitharaman, will be rolling out the new GST tax slabs next month on September 22nd.
Many believe that the new tax slabs that are going to be introduced next month are being brought to boost India’s festive demands. These taxes will be rolled out during the same time period when the Navratri celebrations close in and will be boosting the festivities as well.
According to the reports, the GST council will have a meeting soon on September 3rd and 4th in the nation’s capital, New Delhi. The meeting would be done to deliberate on the two-structure GST tax slab of 5% and 18% that the government plans to roll out. And according to the sources they will be introduced nearly five to seven days after the GST Council’s decision.
The GST council, which is headed by Nirmala Sitharaman, consists of finance ministers of all the states and Union Territories. The council will be deliberating on the recommendations made by the group of ministers on rate rationalisation, compensation cess and health and life insurance. The Group of Ministers (GoM) comprising state ministers had a meeting earlier this week in which they agreed to the proposal made by the Centre for introducing the two-slab GST.
As per the current system, India has a four-tier tax structure consisting of 5%, 12%, 18% and 28%. This Independence Day, the Prime Minister of India, Narendra Modi made a huge announcement stating that his government would be bringing the next-generation GST reforms, dubbed GST 2.0 in order to rationalise the existing tax rates.
