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Recently, in 23rd GST Council Meeting held in Guwahati, the Council revised rate structures under newly implemented tax reform. Impressive decisions have been taken by the tax officials and state finance ministers to reduce the tax burden on small business enterprises (SMEs).

23rd GST Council Meeting started today in Guwahati and for two days it will be discussing upon tax rates nearly on 150-200 items. Post GST implementation, traders and around six lakh business entities have wide expectations from Finance Minister Arun Jaitley.

The GST Council is ready to cut down the items from the list of maximum tax slab of 28% by moving some products of daily usage and products from SMEs (Small and Medium Enterprises) to another lesser tax slab.

GST implementation has put the BJP government on the edge of a knife. To fight against the allegations being showered by the opposition party, BJP government is trying to resolve the issues related to GST.

In a GoM panel which has been set by the union tax body and GST council has been sorting to view upon issues and complications regarding the micro, small and medium enterprises (MSME) sector in the second meeting scheduled for 29 October.

A five-member GoM meeting, including Assam finance minister Himanta Biswa Sarma, Jammu and Kashmir finance minister Haseeb Drabu, Bihar deputy chief minister Sushil Kumar Modi, Punjab finance minister Manpreet Singh Badal and Chhattisgarh commercial taxes minister Amar Agrawal, was set up on Sunday

The GST council has lowered the tax rates on vehicles purchased and leased to a record 65 percent of the applicable GST rates even including compensation cess.

In the 22nd meeting of GST Council which was held on 6th October 2017, the council decided to withdraw Gems & Jewellery industry from the scope of prevention of Money Laundering Act (PMLA).