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GST Council Meeting: Today a big meeting is going to be held regarding GST. In these, PM Modi had announced the rage of the Red Fort on August 15, after which work has been started.
GST Council Meeting : On August 15, PM Modi announced this from the ramparts of the Red Fort to improve the Goods and Service Tax, that is, after which it has been seen in it. Now GST Council meeting is starting from today and is going to last for two days. In this meeting, the change in GST rates will be finalized for two tax slabs instead of four. The only goal of the government through GST reform is to make tax structure easier and provide direct benefit to consumers. It is expected that with the new change, the prices of many things will decline.
Big statement given about Finance Minister Nirmala Sitharaman
GST was implemented on 1 July 2017 after abolishing many different taxes of the country. The opposition always targets the government in the name of Gabbar Singh Tax on this tax. But the government has described it as its big step taken towards economic reform. Now, to reduce the number of tax slabs to make it even easier and to make many rates appropriate, all the proposals are starting to churn from today. Before the commencement of the meeting, Union Finance Minister Nirmala Sitharaman has given a big statement about reforms in GST. He said that its goal is to open the economy completely and bring transparency, which will help small industries a lot.
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Government will reduce tax slab
The Central Government has 4 tax slabs in GST 5%, 12%, 18%, and 28%, which is ready to reduce 12% and 28% tax. This means that only 5 and 18 percent GST slabs will survive. The proposal to abolish 12 and 28 percent slabs has been approved in the meeting of ministers since PM Modi’s announcement from the Red Fort on August 15. The Prime Minister has described this GST reform as a Diwali gift for the countrymen. However, a lot of loss is being estimated in this change being done by the government.
These things will be cheap
After the changes related to the GST reform, its effect will be seen on many things. During this time the prices of many things will fall and they will become cheap. These include milk-banner, salty, soap, oil, clothes, along with this, its effect can also be seen on the prices of shoes, TV, AC, mobile and car-bikes.
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