GST will be reduced to two pages? 5% and 18% main rates will be, the GST Council can make big announcement

GST plate is a preparation for major changes in the structure. The central government proposed two tax rates of only 5% and 18% in the revised tax on goods and services (GST), which is expected to be implemented by Diwali. At the same time, in addition to two tax sheets in the revised GST system, a special rate of 40% for luxury and harmful items has been proposed. Both of these tax rates will be lifted, the central government sent this proposal to a group of finance ministers to rationalize the GST tariffs. The current tax rates of 12% and 28% have been removed. The GST Council will consider the change in rates, now a group of ministers will discuss this proposal and place their recommendations before the GST council. The GST Council meeting is expected to be held next month. Currently it is tax pages. Currently, zero percent GST is imposed on essential food items, while 5% on daily use items, 12% on standard goods, 18% on electronic products and services and 28% GST on luxury and damage items. Sources said in this revised format, which is ready to replace the current indirect tax system to Diwali this year, only 5% and 18% are proposed to be proposed. Prime Minister Modi announced the reduction in GST tariffs. Prime Minister Narendra Modi, in his speech on the 79th Independence Day, announced a significant deduction in GST tariffs to Diwali, saying it would give relief to ordinary people and small and medium industries. 99% of the tax included in 12% tax page will drop below 5% taxpage, after the GST -related matters, the GST council meeting will be approved at the GST council meeting, 99% of the current included in the current 12% tax sheet will fall below 5% taxpage. Similarly, about 90% of the goods and services in the current tax category will be transferred from 28% to 18% tax rates under the new system. Now 40% GST sources on tobacco products have said that a special rate of 40% tax will be imposed on only 7 items. Tobacco products will also be kept below this course, but the total tax rate will remain at 88%. It is proposed to keep it in the 40% tax category, taking into account 40% tax online game on online game. GST on online games can be increased from 28% to 40%. These 8 areas will benefit most according to the center’s proposal, the change in GST rate will benefit most 8 areas – textiles, fertilizers, renewable energy, motor vehicles, crafts, agriculture, health and insurance. An official source said that the revised GST is expected to promote a lot of consumption, and if that happens, the rate will be compensated for the income loss. How much revenue from which the plate was imposed in the current GST structure that came into effect from 1 July 2017. The highest tax in GST comes from 18%. 67% revenue comes from 18%. 11% revenue comes from the 28%, 5% of 12% and 7% of 5%. The provision of Cess will end, there will be no provision for Cess in the proposed GST. The states will not be charged after the days of repayment of their old loans by the states. It is expected to end this Cess from October-November. There is a plan to impose 0 and 5% GST on insurance, which is currently 18%. Cement can be brought under the view of 18% GST. It can be implemented from the third quarter. He hoped it would be implemented at the beginning of the third quarter, said: “The change in tax rates will affect revenue, but it will be reimbursed within the next few months.” The center and state taxes were merged with the current GST structure implemented from July 1, 2017. According to this indirect tax system, the highest tax collection of 65% of 18% is tax. The highest tax rate of 28% applicable to luxury and harmful goods contributes 11% to GST income, while 12% contribute only 5% to tax revenue.