New Delhi: Goods and Services Tax i.e. GST has been considered as the largest tax reform in the country after independence. But there has always been a concern in industries regarding its design. From time to time, they have been demanding changes in its tax slab. In view of the recession, the government held a meeting of the GST Council, in which the government rejected the demand to cut GST on everything from biscuits to cars. The committee says that this will reduce the revenue collection of the center and the state.
The council's fitment committee, which includes revenue officials from both the Center and the states, noted the demand for a reduction in the GST rate to beat the slowdown in the auto sector for the last three quarters, but the committee believed that the rate The reduction in tax will reduce tax collection, which currently contributes Rs 50,000-60,000 crore from auto sales according to the total GST.
It may be noted that the automobile industry has long been demanding to reduce the rate of Goods and Services Tax from the current 28 per cent to 18 per cent. The committee has given a big relief to the hotel industry. The committee has recommended that hotel rooms up to Rs 12,000 (for one night) can be brought under the purview of 18 per cent GST. The committee has categorically denied any change in the GST rate on biscuits, bakery products, breakfast cereals, fruits and vegetables, bottled water, ready-to-eat packaged products and many other food items.
Air India took this step to resolve debt
Government notified decision on FDI, read report
RBI panel gave this suggestion to the government for the development of agriculture sector
Shares of cigarette companies rise as government bans e-cigarettes