Stakeholders in the arecanut sector have asked the Government to bring down GST on copper sulphate, which is used as a fungicide in many plantation crops, to 5 per cent from the existing 18 per cent.
The reduction in Goods and Services Tax on items such as cement, steel, marble, granite blocks, which are used in construction and housing sector has been received with tepid enthusiasm by the builder community, which feels that the government should have addressed the issue of input tax credit and provided incentives to boost affordable housing.
Hoteliers have been confused over a listing in the exercise to revamp the Goods and Services Tax (GST). While the announcement says Indian rotis, including parathas, will not attract any tax, many are asking why idli, dosa, puttu, idiyappam and other South Indian staples have not been exempted.
India, the world’s fastest growing major economy, is preparing to bear the brunt of US President Donald Trump’s trade war and 50% tariffs. In this backdrop, the Goods and Services Tax (GST) rate cuts couldn’t have come at a more opportune time.
Union Commerce and Industry Minister Piyush Goyal on Thursday said that the industry has given the commitment to pass on the benefits of GST rate reductions to consumers.
Key highlights on 56th GST council recommendations
The Indian Beverage Association has urged the GST Council to reclassify aerated beverages as “food/merit” category and put them in 18 per cent GST slab.
Mid-size motorcycle maker Royal Enfield on Saturday called upon the government to consider a uniform GST rate for two-wheelers, including higher capacity bikes.
Consumers may soon feel relief in their household expenses as the GST Council considers lowering the tax on several popular food items.
As the central government is in the process of overhauling the Goods and Services Tax (GST) framework, the edible oil industry on Tuesday urged the government to lift restrictions on Input Tax Credit (ITC) imposed from 2022, stating that they are hurting the industry and causing a working capital crunch.
