GST Big Update: Big News! GST slab of 12 percent will end! check here full update

0
1658
GST Big Update: Big News! GST slab of 12 percent will end! check here full update
GST Big Update: Big News! GST slab of 12 percent will end! check here full update

GST Slab Rates Big Update: The items on which 12 percent GST is charged, its share in the total GST collection is only 8 percent.

Read Aslo: Government’s big gift to ration card holders, now LPG Cylinder will be available for free, know full update

GST Rate Big Update: People can get some relief news regarding GST. In fact, the Group of Ministers (GOM) formed for the rationalization and review of GST rates is in favor of abolishing the 12 percent GST slab rate. The members of the Group of Ministers are of the view that of the items on which 12 per cent GST is charged, its share in the total GST collection is only 8 per cent. In such a situation, 12 percent GST can be abolished. It is expected that a decision on this can be taken in the meeting.

You will have to not pay 12 percent slab! Know how?

In fact, at present, butter, ghee, fruit juices, almonds, footwear below Rs 1,000, processed foods, cellar wire heaters and hotel rooms up to Rs 1,000 attract 12 per cent GST. In such a situation, if this recommendation is approved, then the slab will be over. However, let us tell you that the final decision on any change in the GST slab will be taken in the meeting of the GST Council.

Read Also: Indian Railways: Now no extra money will have to be paid for food in the journey, IRCTC has released the updated menu of the food in the train

Let us tell you that Karnataka Chief Minister Basavaraj Bommai is the chairman of this group of ministers. Those who have been entrusted with the responsibility of rationalization of GST rates, merger of GST slabs, and review of the GST exemption list.

Read Aslo:  FASTag system will end: Big news! Now the more kilometers you walk on the highway, expressway, the more will be the toll, know the complete information here

Will be discussed in GoM

Significantly, in the meeting of the GST Council in June 2022, this committee was given three more months to submit its recommendations. After this, a meeting of the Group of Ministers is going to be held this month in which these issues are expected to be discussed. At present, there are four slabs of GST which include 5 per cent, 12 per cent, 18 per cent and 28 per cent. Apart from this, 1.5 and 3 per cent tax is levied on cut diamonds and jewellery. If the GST slab ends, then people can get a big relief.

Read Aslo: Rakesh Jhunjhunwala’s Akasa Airline will be a big update in September, know what will be the update