GST reforms impact, tax structure changes India, luxury goods taxation updates
BIG BREAKING news Modi govt plans MASSIVE GST CHANGES
As per PTI, Centre proposes a two-tier GST structure of 5% and 18%.
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Nearly 99% of items currently in the 12% slab would drop to 5%
90% of taxable goods in the 28% slab would move to 18%.
Luxury and sin goods would… pic.twitter.com/eybMqnSlft
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BIG BREAKING NEWS Modi govt plans MASSIVE GST CHANGES
Recently, news has emerged that the Modi government is planning significant alterations to the Goods and Services Tax (GST) structure. According to PTI, the Centre is proposing a two-tier GST system with rates of 5% and 18%. This could have a major impact on consumers and businesses alike.
As part of these changes, nearly 99% of items currently in the 12% slab are expected to drop to a lower rate of 5%. This is a substantial reduction that could benefit many households by lowering the cost of essential goods. Imagine the savings on daily necessities!
Moreover, approximately 90% of taxable goods that fall under the 28% slab are set to move to the 18% category. This shift aims to streamline the tax process and provide relief to consumers who have felt the pressure of high taxation on various products.
However, it’s important to note that luxury and sin goods may still attract higher taxes. This means that while everyday items become more affordable, certain non-essential and indulgent goods could still bear a heavier tax burden. It’s a delicate balance the government is trying to maintain.
The proposed changes are significant, and many are eager to see how they will unfold. If you’re keen on staying updated about these GST changes and their implications, you can follow more detailed reports from sources like Times of India.
These modifications could reshape the economic landscape, and it’s crucial for businesses and consumers to stay informed about how these changes might affect their purchasing decisions in the near future.