Good news for consumers as prices will be cut down for most of items falling within 28% rate slab as government is planning to bring most of the items under 18% rate slab.
The upcoming GST council meeting will consider rate cut as major meeting proposal. Earlier Prime Minister Narendra Modi has also indicated that government is working to bring 99% items falling under 28% slab to 18% slab.
Many electronic items which are currently falling under 28% may be brought under 18% and 5% slab post GST council meeting to be held up tomorrow.
Items that could get rate cuts are:
However luxury items will be continued to taxed at 28%.
Tomorrow, the council meeting will be held and tax payers those who are currently paying tax under Composition Scheme are advised to wait for few days before making any new purchase, as they cannot claim input tax credit on purchases.
Those who are planning to purchase new items today and tomorrow can extend the plan by couple of days to buy at reduced rate of tax.
Check your GST numbers in bulk. Check unlimited GST numbers with very cheap packages.