GST council working to reduce GST

GST council working to reduce GST rates

The GST Council working to reducing GST (Goods and Service Tax) rates, Minister of State for Finance Shiv Pratap Shukla said on Thursday.

A big announcement from the government regarding GST is imminent, he said in an event.

In the current GST system has four tax rates of 5 per cent, 12 per cent, 18 per cent and 28 per cent. Council Previously already reduced GST tax rates from so many products twice.

The all powerful GST Council had, in its meeting in January, decided to slash the GST rate on 54 services and 29 items.

In its November 2017 meeting, the council made first changes removed 178 items from the highest 28 per cent category while cutting tax on all restaurants outside starred-hotels to 5 per cent.

He further said the government is working to promote the growth of Small and medium-sized enterprises (SME) as it is an important sector to the economy including in output, employment and exports.

Share It
Tags: , , , , , , , , , , , , , , , , , , , , ,
Previous Post
Effects of GST Rates

Effects of GST Rates on Iron and Steel Industry in India

Next Post
Banks charge GST
GST News Latest GST News

Late payment of EMI or late payment of credit card will be heavy, Banks charge GST