GST has become the topic of debate for the opposition party and we couldn’t see any changes in the conduct even after the Modi government reduced products under 28% slab rate in 23rd GST Council meeting.
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GST has become the topic of debate for the opposition party and we couldn’t see any changes in the conduct even after the Modi government reduced products under 28% slab rate in 23rd GST Council meeting.
The GST council has offered a relaxation to all the FMCG companies which are into taking advance from the dealers and stockists before supplying the goods to the market by exempting them from GST on all such kind of advances.
Handloom and handicrafts industry again comes up in protest against the GST rate applicable to them. This protest came even after the 23rd GST council meeting reduced the tax rates on handicrafts and handloom down from 28-18 to 12 percent.
According to the report, In 23rd GST Council Meeting, the Council had decided to lower tax rates nearly on 200 items could bring down inflation by 20 basis points from the current level, based on lower food and beverage prices.
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.
According to The Associated Chambers of Commerce and Industry of India (Assocham), if the Realty is put under the GST, it is required to come with moderate rate and stamp duty, without attaching the cost of housing and construction.
Demonetization and GST implementation are the two greater moves taken by the government which has a positive impact on the environment.
As the GST council has reduced the tax rates on restaurants from 12-18 percent to direct 5 percent, there is a happy vibe in the industry.
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).