Businesses will soon be able to secure Goods and Services Tax (GST) registration in just three calendar days, with 95 percent of applications expected to be cleared within this timeframe..
It isn’t just small cars and two-wheelers, large sedan and SUVs too are likely to see a sharp reduction in prices as goods and services tax (GST) is expected to come down from the current, up to 50% , to proposed 40%, the slab for luxury and sin goods.
With an anticipated GST rate cut on the horizon, a key concern is how to prevent businesses from pocketing the benefits instead of passing them on to consumers. This issue is complicated by a notification that limits the concern authority from taking up new anti-profiteering cases.
Tax experts have broadly welcomed the Centre’s proposal for a two-tier GST rate structure, saying it will simplify the system and boost consumption while cautioning that critical issues such as inverted duty structure need to be addressed for the reform to be fully effective.
Finance minister Nirmala Sitharaman said on Wednesday that proposed GST rate rationalisation was aimed at providing greater relief to the common man, farmers, the middle class and MSMEs, while ensuring a simplified, transparent and growth-oriented tax regime.
Removal of the 12% and 28% slabs of the Goods and Services Tax (GST) was supported, with some suggestions, by the relevant Group of Ministers (GoM) on Thursday.
Union finance minister Nirmala Sitharaman said at a key meeting on Wednesday on the Goods and Services Tax (GST) that a rejig in the rates — reducing it mostly to two slabs of 5% and 18% — will provide relief to the common man, particularly to farmers, the middle class and small enterprises.
The long-awaited revamp of Goods and Services Tax (GST) has moved a step closer with the Group of Ministers (GoM) on GST rate rationalisation agreeing to cut down the number of slabs.
Along with taking a call on GST rate cuts, anti-profiteering provisions will have to be brought in simultaneously…
The government is considering re-invoking anti-profiteering provisions for a limited period to ensure that businesses pass on indirect tax benefits to consumers, following the proposed overhaul of the goods and service tax (GST) regime, according to a senior official.
