The Central Board of Indirect Taxes & Customs (CBIC) is planning to hold a meeting with various industry groups and trade organisations to talk about the recent changes in the Goods and Services Tax (GST) and how to simplify the tax rates.
CBIC Chief Sanjay Kumar Agarwal has asked field formations to undertake proactive outreach to help businesses ensure a seamless transition.
The same meeting shall bring together the ministries and sectors to ease execution, address technical issues, and share reform measures.
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As per the CBIC chairman and other officials, each sector has its own supply chain procedures, and less than 15 days are left for the introduction of new rates; therefore, the measures are to facilitate the transition as soon as possible.
An easier GST format has been announced with two slab rates of 5% and 18%, along with a 40% tax rate on luxury and sin goods. From 22 September, the revised GST rates will come into effect for products defined by the 56th GST Council
Measures are being declared by the government that permit the manufacturers to amend the maximum retail price (MRP) until December 2025. The need for “proactive outreach” by tax officers to steer trade and industry through the transition has been specified by Agarwal.
As these transformative reforms come into force, it is important to assist the trade and industry in steering the transition seamlessly.
