The goods and services Council (GST) will consider proposals for tax relief to consumers and reform the GST structure to facilitate compliance with the regulations at a two -day meeting since 3 September, two persons informed of the development.
Council meetings in Nový Delhi will be preceded by a meeting of central and civil servants.
The completion of the Council’s meeting the day after the key ministerial cake of the Council approved the proposals of the Central Government to steep the tax rate and reform in the indirect tax structure indicates the urgency with which central and civil servants prepare for extensive changes in the tax structure.
“The Central Government has undertaken to carry out reforms and reduced rates ahead of time,” one of the above two persons said, provided that he would not be appointed.
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The intention is to quickly implement proposals so that consumers plan to shop before deepavali, celebrated in October.
The schedule of the meeting is also that the announcement could come before the ceremonial day of Onam, which will drop 5 September this year.
Ganesh Chaturthi, which falls at the end of August and Onam, refers to the beginning of the festive season that culminates around Deepavali and continues until Christmas at the end of December. Fast moving consumer goods and consumer durable companies during this period have hectic sales.
“This step suggests that politicians are very serious about the announcement of changes recommended by a group of ministers established by the Council, far before Diwali, for consumers to benefit without having to postpone purchases,” Mrs. Mani, indirect taxes, Deloitte India said.
Inquiries E -mail E -mail to the Ministry of Finance and the GST Council were looking for comments on Friday that remained unanswered at the time of publication.
On Thursday, the GST ministerial panel, which reviewed the proposals of the Central Government, approved 12% and 28% of the GST boards from the current structure of four components in favor of the new structure of two rates, MINT reported on Friday and quoted the panel and representatives of the main Minister Bihara Chaudhara.
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According to the proposed changes, most of the goods in the 12% board will be shifted to 5% and many items in 28% of the board to 18%, while some goods such as top cars and tobacco and its preparation will probably go to a new 40% board.
GST compensation is currently selecting on some of the goods in 28% of the board, including cars and tobacco. Cars, including SUVs, are expected to gain significant tax relief.
However, goods on sin, such as tobacco and aerated drinks, may face new duties so that after restructuring remains the same incidence of the tax on them.
Some states were looking for a center to compensate for any short -term loss of income. The idea in the government is that improved demand for goods and services in the economy will help at the right time to replace the loss of income.
Insulin, condensed milk, canned fish and vegetables, granite and marble, dishes and kitchen dishes and some pharmaceutical products are products that will range from 12% to 5%.
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