&imwidth=800&imheight=600&format=webp&quality=medium "Centre mulling to end 12%, 28% GST slabs, to move items to 5%, 18% rates: Report")
The Central government has reportedly proposed to scrap the 12 per cent and 28 per cent GST slabs and replace them with only 5 per cent and 18 per cent rates. According to the proposal, 99 per centof goods and services in the 12 per cent slab will move to the 5 per cent bracket, and 90 per cent of items in the 28 per cent slab will move to the 18 per cent bracket.
Government sources said that a new slab of 40 per cent will also be introduced for sin goods like tobacco and pan masala, reported ANI.
The proposal has been sent by the Centre to the states and the Group of Ministers of the GST Council. It will be studied by the GoM and discussed in the GST Council meeting in September-October.
Prime Minister Narendra Modi said in his Independence Day speech on Friday that the people of the country will get a massive gift on Diwali and that his government will reform the GST regime.
"This Diwali, I am going to make it a double Diwali for you. This Diwali, you, fellow countrymen, are going to get a very big gift. In the last 8 years, we have done a big reform of GST, reduced the tax burden across the country, simplified the tax regime, and after 8 years, the need of the hour is that we should review it once. We started the review by setting up a high-power committee and also held discussions with the states," PM Modi said from the ramparts of the Red Fort.
"We are coming with the next generation of GST reforms. This will be a gift for you this Diwali. Taxes needed by the common man will be reduced substantially, and a lot of facilities will be increased," he added.
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GST was implemented on July 1, 2017.
If the proposal is accepted by the states and the GST council, it will lower the prices of most of these goods and services, boosting domestic consumption.