Anticipating a decline in vehicle prices with the government proposing a reduction in Goods and Services Tax, for the first time this year automobile dealers are seeing a significant spurt in customer footfalls at showrooms with customers eager to recce and test drive various models, especially small cars.
The Central Board of Indirect Taxes and Customs on Tuesday requested people and media outlets to avoid speculations on the Goods and Services Tax rate cuts.
With the central government proposing to simplify country’s GST system and keep items under only two slabs 5 percent and 18 percent, real estate experts believe that this simplicity in the tax structure will reduce the cost of developers and benefit homebuyers.
GST Council will reportedly discuss a proposal to move all food and textile products into the 5 per cent stab when it meets early next month. The council could also discuss a plan to cut GST on a host of items including cement…
Hit by a sudden decline in sales and enquiries, the automobile industry has urged the government to hasten the implementation of new GST rates, seeking a rollout before the start of the festive season in the second half of September.
The government has fast-tracked its plan to overhaul the Goods and Services Tax (GST), with reports suggesting that the much-anticipated reforms may roll out by late September, ahead of Diwali.
GST Council, headed by Finance Minister Nirmala Sitharaman, is likely to roll out new GST rate slabs around September 22 to push festive demand in the country
GST revision is one more favourable factor for the cement industry.
Deputy Chief Minister Mallu Bhatti Vikramarka said that the proposal of rate rationalisation and reduction of tax burden is always welcome, but at the same time, it must be balanced by ensuring that the revenues of the states are protected.
A group of ministers (GoM) approved, in principle, the Union government’s proposal to reduce the number of Goods and Services Tax (GST) brackets from four to two main slabs in order to substantially reduce tax burden on the consumer, although some of the ministers expressed concerns over the revenue implication of the move and sought ways in which the states could be compensated.
