GST 2.0: As of September 22, goods and services will be offered at the new GST rates. In the next days, state administrations will also send out alerts in this respect.
GST Rate Cut: The national government has made some really positive announcements for the public ahead of Navratri. The new rates for the Goods and Services Tax (GST) have been announced. Many things will become less expensive when these new tariffs take effect on September 22. Following a two-day meeting of the GST Council, the announcement was made on September 3rd. The notification was then released by the Finance Ministry.
What has changed?
The June 28, 2017, notification has been replaced with the updated prices. This implies that starting on September 22, products and services will be offered at the new GST rates. In the next days, state administrations will also send out alerts in this respect. There used to be four different GST rates: five, twelve, eighteen, and twenty-eight percent. There will only be two slabs, though, under the new rates: 5% and 18%.
What will be the advantage?
The primary advantage is that the majority of products and services that were previously classified as falling under the 28 percent slab have been reclassified to the 18 percent slab. The 5 percent slab currently contains a large number of items and services that were formerly in the 12 percent slab. But luxury and dangerous items have been relocated from the 28 percent slab to a dedicated 40 percent slab.
The central government’s decision to change the GST is significant since it coincides with the United States levying an extra 25% tax on India for importing crude oil from Russia in an attempt to stop the conflict in Ukraine. Indian exporters now find it more challenging to compete in the US market as a result of this action. Since then, though, the government has taken a number of actions to help exporters.
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