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The GST council is trying to simplify the rules of the new tax regime for the taxpayers. While the queries related to the GST recorded by the National Consumer Helpline indicates that the consumers and the general public were facing problems in GST.
It has been more than five months after GST implementation, but experts are still confused and not able to reevaluate the stir-clear benefits of GST in various sectors.
Sushil Kumar Modi, one of the GST council member said that he supports the GST tax revenue to be stabilized before the ministerial panel decides to further tweak the GST rates or merge the slabs.
As expected, India’s first union budget after GST rollout and the government’s last budget in this session is about to be presented on February 1 by the Finance Minister Arun Jaitley.
Arvind Subramanian, Chief Economic Advisor, said moving upward, the GST rate brackets would reduce in number and products like petroleum are expected to come under the ambit of Goods and Services Tax in relation to the collaboration of the states on the issue.
The 23rd GST Council meeting in a row to make GST more effective proved to be big contentment for most traders with the council pronouncing a set of measures that reduced the compliance burden and tax rates on some eatery goods.
After the successful completion of 23rd GST Council Meeting, now the council will focus on the lower tax slab rates under GST. As well as converting the multiple slab rates into two or three to make the new regime smooth-functioning.
Delhi, Chief Minister Arvind Kejriwal is blaming two greater moves – including Demonetisation and Goods and Services Tax (GST) for job scarcity. The economic conditions of the country reached to a ‘sad state’ and the opposition parties celebrating the ‘black day’ to mark the first demonetization ceremony.
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.
