Tax Slabs Removal: Big update on GST! GoM approves removal of 12% and 28% tax slabs

GST Rate Rationalisation: A big update has come on GST rates. With the aim of simplifying the rates of GST (Goods and Services Tax), in an important meeting today, the Central Government has approved the proposal to abolish 2 slab rates.

GST Rate Rationalisation: A big update has come on GST rates. With the aim of simplifying the rates of GST (Goods and Services Tax), in an important meeting today, the Central Government has approved the proposal to abolish 2 slab rates. Bihar Deputy Chief Minister Samrat Chaudhary, who is chairing this Group of Ministers (GoM) on GST rate rationalisation, said that the Central Government has accepted the proposal to abolish the two slabs of 12 and 28 percent. Only the proposal of 5, 18 and 40 percent slabs is going to be placed.

According to sources, the central government has proposed a new structure by replacing the existing slabs of 5%, 12%, 18% and 28% of GST. At the center of this proposal is the idea of ​​​​keeping two main rates – 5% and 18%. Under this, there is a plan to bring about 99% of the goods falling in the 12% slab under the 5% ambit and 90% of the goods and services of the 28% slab under the 18% slab.

Apart from this, a special slab of 40% is also proposed for demerit goods such as pan masala, tobacco and online gaming.

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