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What's on the GST Council Table: Health Insurance, Car Taxes, Two-Slab System
The GST reform proposes simplifying tax slabs from four to two, cutting rates on over 150 items, and introducing a 40% tax on sin goods to boost consumption and ease compliance.
- On September 3, the GST Council chaired by Union Finance Minister Nirmala Sitharaman will convene in New Delhi to discuss broad GST changes and rate tweaks during the two-day meeting.
- Following Prime Minister Narendra Modi's August 15 address, a draft vetted by the Group of Ministers was shared with state finance ministers for initial review ahead of the GST Council meeting.
- Government sources say the plan would move 99 per cent of items from the 12% slab and 90 per cent from the 28% slab to lower rates, with a 40% special rate on sin and demerit goods.
- Opposition-Ruled states have warned of revenue loss, with Karnataka Chief Minister Siddaramaiah citing Rs 15,000 crore, while SBI research projects state revenues exceeding 14 lakh crore; the revised GST structure may be implemented by September 22.
- Officials expect the changes to boost consumption and simplify compliance, benefiting consumers in rural and urban markets, with gains in electronics, entry-level passenger vehicles, two-wheelers, education, and insurance sectors.
36 Articles
36 Articles
GST Council begins work to rejig tax rates; Oppn states seek revenue protection
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Simplifying tax slabs, no cess on life & health insurance: What reforms is GST Council likely to push through?
Much of the Goods and Services Tax (GST) Council’s focus will be on reforming the tax slabs from four brackets — 5 per cent, 12 per cent, 18 per cent and 28 per cent — to just two, classified as ‘merit’ and ‘standard’. The GST might also witness the introduction of a ‘sin tax’ slab, where items such as liquor, tobacco, pan masala and cigarettes will be placed in the 40 per cent slab. The Centre has also proposed abolishing GST on life and health…
GST Council two-day meeting underway, rate cuts and rationalisation on agenda - Check all latest development
The 56th GST Council two-day meeting, chaired by Union Finance Minister Nirmala Sitharaman and comprising ministers from all states, is underway. The overhaul of the Goods and Services Tax (GST) to lower tax rates on daily use items will be considered during the meeting. The Centre's next-gen GST reform proposal of having just two tax slabs of 5 and 18 per cent by moving products from the current 12 and 28 per cent to lower rates is on the agend…
GST Council Eyes Major Tax Overhaul Amidst Festival Season
GST Council Eyes Major Tax Overhaul Amidst Festival Season The 56th meeting of the Goods and Services Tax (GST) Council, chaired by Finance Minister Nirmala Sitharaman, is currently taking place in New Delhi. The council aims to introduce significant modifications to the existing GST framework by primarily focusing on rationalizing and reducing the number of tax slabs over a two-day session, occurring on September 3 and 4.Government sources reve…
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