GST Council: The Group of Ministers (GOM) formed on GST has recommended changes in tax rates at many places. Decisions on all these issues can be taken in the GST Council meeting to be held next month. Tax can also be removed from bicycles. Besides, it has also been recommended to increase the tax on expensive shoes and watches. Apart from this, a decision can also be taken on increasing the sin tax. With its help, the government will earn additional income of Rs 22 thousand crores.
Expensive shoes and watches will be in trouble, Bicycles will become cheaper
According to the Group of Ministers, recommendations have been made to increase and decrease taxes in many places. If all the recommendations are accepted, then GST on wrist watches costing more than Rs 25,000 may increase from 18 per cent to 28 per cent. Apart from this, GST on shoes costing more than Rs 15,000 may also increase from 18 per cent to 28 per cent. According to the proposal, even bicycles cheaper than Rs 10,000 can now come under the ambit of 5 per cent GST instead of 12 per cent. Bottled water bottles larger than 20 liters can also go in 5 percent GST slab instead of 18 percent. GST on exercise books can also be reduced from 12 to 5 percent.
Recommendation to increase sin tax
The Group of Ministers has recommended increasing the Sin Tax. Such items have been asked to be taken in the range of 18 to 28 percent. Sin goods include products like alcohol, tobacco and cigarettes. According to a senior official, the government wants to increase its revenue by increasing tax on luxury items. She also wants to reduce taxes on things used by common people. Apart from this, recommendations have also been made to remove GST from health insurance and life insurance. The final decision in this regard will be taken by the GST Council. The GST Council had formed a 13-member Group of Ministers in its meeting last month.
Read this also
Income Tax Return: New ITR portal is going to be launched soon, know its features and details
Be the first to read breaking news in Hindi aajsamacharindia.com| Today’s latest news, live news updates, read most reliable Hindi news website aajsamacharindia.com|
Like us on Facebook or follow us on Twitter for breaking news and live news updates.
