GST Council May Slash Taxes: GST Council is likely to slash the taxes on 80 percent of the items which are in Top rate slab. Bihar Deputy Chief Minister Sushil Kumar Modi, who is also a member of the GST council, today said tax rates on 80 per cent items of top 28 per cent slab are likely to be slashed at the council’s meeting starting tomorrow. So many people who want to buy the things from top rate slab.
“Tax rates on 80 per cent of 227 items falling in top slab is likely to be reduced from 28 per cent to 18 per cent in the next GST council meeting. The GST fitment committee has also recommended reducing tax rates from 18 per cent to 12 per cent on a number of goods”, Sushil Modi said at a function at the Bihar Chamber of Commerce here.
GST Council May Slash Taxes on Top Rate Items:
Sushil Modi was interacting with the representatives of associations formed by traders involved in businesses like food, textiles, consumer goods, real estate etc. His talk gave many representatives a ray of hope for decreased taxes. Sushil Kumar Modi has also added that,”So far, tax rates have been slashed on more than 100 items.” It may increase after the next council meeting.
He went on to say that, The new generation of traders is rapidly moving towards digitization. They want to change the way business is done and are not willing to continue with the kachcha bill system. Achieving a clean, transparent and honest economy. The common people have no problems with the new tax regime per se. Though there may be anxieties over procedural complexities.
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