GST Overhaul on Cards: Govt Plans Tax Cuts on FMCG, Cars, Electronics
GST: The biggest reform of almost a decade is taking place in the Goods and Services Tax (GST) system. A decision on a 10% reduction in GST on 175 products, including shampoo and hybrid cars, to consumer electronics goods, is expected in the GST Council meeting to be held on 3-4 September.
There may be a 10 percent reduction in GST tax on about 175 products, from shampoo and hybrid cars to consumer electronics goods.
As per Amar Ujala, government sources say, a decision on this is expected in the GST Council meeting to be held on 3-4 September. The biggest reform of almost a decade is taking place in the Goods and Services Tax (GST) system. This reform is taking place amid tense trade relations with the US. The Narendra Modi government at the Centre is repeatedly appealing to the people of the country to increase the use of Indian products.
As per Amar Ujala sources, tax on consumer goods like talcum powder, toothpaste, and shampoo will be reduced from 18 percent to 5 percent. This will give a tremendous boost to the business of companies in these sectors. Tax on air conditioners and television sets can be reduced from 28 percent to 18 percent before the Diwali shopping season starting in October.
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