GST Slab: Middle class will now get relief from GST! Government is preparing to abolish 12% slab and bring it down to 5%
The government is preparing to give a big relief on GST and under this, most of the goods falling under the 12% GST slab can be brought under the 5% category.
GST slab: The government has a big plan regarding GST and under this, people from the middle class and lower income group can get relief. According to information received from sources, soon a big relief can be given in GST and the central government can cut GST rates. It is being told that the Modi government is seriously considering changing the GST slab and the 12 percent GST slab can now come down to 5 percent.
Preparations for 5% slab instead of 12%
According to sources, the government may provide relief on GST on such goods, which are commonly used especially in middle and lower income households and come under the 12% GST Tax Slab. The government is now considering that most of such goods can either be transferred to the 5% tax slab or the 12% slab imposed on them can be abolished. It is worth noting that most of the goods used in daily life come under this slab.
From clothes to soaps can become cheaper
A big decision can be taken regarding this in the next 56th meeting of the GST Council and this GST Council Meet can be held this month. If this decision is taken by the government, many goods like shoes, slippers, sweets, clothes, soap, toothpaste and dairy products, which till now come under the 12% slab, can become cheaper. Apart from this, cheese, dates, dry fruits, pasta, jam, packaged fruit juice, namkeen, umbrellas, hats, bicycles, wooden furniture, pencils, handbags made of jute or cotton, shopping bags are also included in it.
How many slabs of GST in India
GST was implemented in the country in the year 2017 and it has completed eight years on the last business day, 1 July. GST rates in the country are decided by the GST Council and representatives of the states and union territories are also involved in any decision to change them. Talking about GST Slabs in India, there are currently four GST slabs. 5%, 12%, 18% and 28%. Apart from grains, edible oil, sugar, snacks and sweets, gold-silver and all other goods have been kept in these tax slabs according to different categories.
Indications already received from the government
Indications of big relief on the GST front are already received from the government. In the month of March, Finance Minister Nirmala Sitharaman had also said that after the process of rationalizing the GST tax slab is completed, GST rates will come down further. Since then, there was an expectation of change in GST Tax Slab and now according to the information received from sources, this big decision can be taken in the next council meeting.
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