38th GST Council Meeting may be a big decision on tax rates – All you Need to Know

38th GST Council Meeting may be a big decision on tax rates

According to sources, after dealing with the budget (Budget 2020), there are signs of big changes in the slabs of Goods and Services Tax (GST) and current rates. According to sources, the government wants to keep the only a maximum of 3 GST slabs instead of the existing 9 slabs.

At present, the four slabs under GST are 28 percent, 18 percent, 12 percent, and 5 percent.

The GST Council (GST Council) may meet at the end of February month. The exercise to correct GST rates has started. After the introduction of GST in India, all VAT and service tax have been included in it.

A member of the advisory body on government policy and NITI Aayog, Ramesh Chand said that last year that only two of GST Slabs should be placed. If required, the GST rates can be changed on an annual basis.

Frequent changes in rates of GST have an impact on business Ramesh Chand added. He also said that in most countries Goods and Services Tax (GST) has taken time to stabilize.

The GST committee has recommended having only two slabs. Renewable energy devices, man-made yarn/fabrics, Mobile phones, pharma, readymade garments, fabric, and fertilizers come in five and 12 percent slabs with inverted duty structure.

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The new scheme will start on April 1. According to the GST committee, the GST rate of most items can go in the 18% slab.