The GST Council is meeting today and expect to slash rates for daily use items, plastic products and hand-made furniture to provide a much needed relief to public.
Sushil Kumar Modi Bihar Deputy Chief Minister and Head of the Goods and Services Tax Network panel (GSTN) indicated yesterday that the rates on over 200 daily-use items may be reduced from 28 percent to 18 percent at the GST Council meet.
“With a view to giving further relief to small taxpayers (businessmen) and consumers at large, it is expected that tax rates will be brought down from current 28 percent to 18 percent on over 200 items of daily use,” he said before flying to participate in the GST Council meet.
GST rate is likely to be reduced on common household items used in every house, such as sanitary ware, suitcase, wall paper, plywood, stationery articles, watch, play instruments, among others, said Mr. Modi, Head of a five-member Group of Ministers (GoM) to monitor technology-related implementation issues of the GST.
A panel headed by Union Finance Minister Arun Jaitley will review the comprehensive overhaul of GST rates, easing returns filing to provide more relief to small and medium businesses. The Council is also set to review the GST returns filing cycle and make it taxpayer friendly.