The GST Council will discuss the Centre’s proposed proposed rate rationalisation reforms, with a view to simplify slabs and reduce burden on customers. We look at what may get cheaper under new slabs…
GST reforms: The Goods and Services Tax (GST) Council, chaired by Finance Minister Nirmala Sitharaman, begun its 56th meeting in New Delhi today, scheduled for September 3-4.
Among the issues on the table include reforms in the GST slab, such as rate rationalisation from the current four slabs to two, plus a special tax.
The proposed reforms could potentially eliminate the 12 per cent and 28 per cent GST slabs; in favour of only the 5 per cent and 18 per cent rates, with a special 40 per cent slab for ‘sin’ goods.
What to expect from the GST Council meeting?
- A two-slab structure is proposed, with 5 per cent for essentials and 18 per cent for non-essentials, replacing the current four slabs of 5 per cent, 12 per cent, 18 per cent, and 28 per cent, ANI reported.
- A 40 per cent slab is likely to be introduced for “sin goods” such as tobacco and cars costing ₹50 lakh and above.
- Further, a GST rate cut is expeceted for close to 175 items, Reuters reported.
- On the markets side, sectors such as automobiles, FMCG, and insurance are expected to remain in focus.
GST reforms: What is likely to get cheaper?
Since GST is a consumption-oriented tax, the ultimate beneficiary of the next generation GST reforms would be the consumer, who will pay less due to the lower GST.
- Sources told PTI these GST reforms will make everyday essentials significantly more affordable.
- Groceries — food, fruits, and vegetables,
- Agricultural equipment and bicycles,
- Insurance,
- Education services,
- Foodstuff that can be brought from 12 per cent slab to 5 per cent slab: condensed milk, dried fruits, frozen vegetables, sausages, pasta, jams, namkeens including bhujiya, tooth powder,
- Daily items that can be brought from 12 per cent slab to 5 per cent slab: Feeding bottles, carpets, umbrellas, bicycles, utensils, furniture, pencils, handbags made of jute or cotton, and footwear under ₹1,000.
What is likely to get more expensive?
- Most items that are proposed to be included under the special 40 per cent slab, such as sin goods — luxury goods, high-end cars, alcohol, gambling, soft drinks, drugs, fast food, coffee, sugar, and tobacco products, etc.
- Fuel derived items such as briquettes and coal, and other items derived from coal, lignite, and peat.
- Ready made garments priced above ₹2,500 could get more expensive if they are shifted from the 12 per cent slab into the 18 per cent bracket.
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