GST Meeting LIVE Updates: FM Nirmala Sitharaman chairs meeting today, tax reforms likely. What could get cheaper?

GST Council Meeting LIVE Updates: The 56th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, will be held for two days. The Council might replace the current 12% and 28% GST rates with a two-tier system of 18% and 5%, along with a 40% tax on sin goods.

GST Council Meeting LIVE Updates: The 56th GST Council meeting, led by Finance Minister Nirmala Sitharaman, begins in New Delhi today. The Council is scheduled to meet on September 3-4. The Council is expected to push for rate rationalisation, potentially eliminating the 12% and 28% GST slabs in favour of an 18% and 5% structure, with a 40% slab for sin goods.

What to expect from the GST Council meeting?

GST Council Meeting LIVE Updates: What proposals have been approved by Group of Ministers?

GST Council Meeting LIVE Updates: Based on the proposals approved by the Group of Ministers (GoM) last month, nearly all items in the 28 per cent tax slab, except sin goods, will shift to the 18 per cent slab, while those in the 12 per cent slab will move to the 5 per cent slab. Additionally, a 40 per cent slab will be applied to 6 to 7 items, mainly sin and demerit goods, ANI reported citing people aware of the development.

GST Council Meeting LIVE Updates: What will rate rationalisation mean for the economy?

GST Council Meeting LIVE Updates: With expectations over rate rationalisation following the GST Council meeting, a lower GST rate on FMCG, automobiles, consumer durables, electronics, and insurance premiums will result in more disposable income for consumers, which could lead to higher spending, increased economic activity, and overall growth of the economy, as Mint reported.

GST Council Meeting LIVE Updates: Why the tyre industry is in focus?

GST Council Meeting LIVE Updates: The Automotive Tyre Manufacturers Association (ATMA) on Monday urged the government to reduce the GST on automotive tyres from 28 per cent to 5 per cent, emphasising that tyres should not be regarded as luxury items given their significant cost impact on vital sectors such as transportation, agriculture, mining, and construction.

GST Council Meeting LIVE Updates: 40% rate on ‘sin goods’ GST Council Meeting LIVE Updates: The 40 per cent GST rate is likely to be introduced for ‘sin goods such as tobacco and pan masala, ANI reported, citing people aware of the development. Reportedly, an extra tax may also be imposed on this category beyond this rate.

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