56th GST Council Meeting Begins Today: Potential Changes In Tax Slabs On Essentials

8
174

New Delhi: The 56th meeting of the GST (Goods and Services Tax) Council commences today, 3rd September, at 11 AM in Vigyan Bhawan, New Delhi, and will continue for two days, concluding on 4th September. The government is expected to announce key decisions at the end of the session.

The meeting will be chaired by Finance Minister Nirmala Sitharaman and attended by 33 members, including Finance Ministers from various states and senior officials from the central government.

Reports indicate that the government may implement major reforms in the GST framework. Items used in daily life, such as milk products, shampoo, and toothpaste, could be moved to the 5 percent GST slab, potentially lowering consumer prices.

Additionally, the Council is considering abolishing the 12 percent and 28 percent GST slabs, a move aimed at simplifying the tax system and reducing the overall tax burden.

8 COMMENTS

LEAVE A REPLY

Please enter your comment!
Please enter your name here