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ESSENCE OF THE WEEK
Nov 14, 2017 | Source: AxisDirect
Early indications from the ongoing GST council meeting suggests a drastic pruning of items on the highest tax slab of 28%. 177 items could move to the 18% slab with just 50 items remaining in the 28% bracket.
Eventually, only luxury and sin goods are expected to carry the top tax rate. Reportedly, white goods like washing machines and refrigerators are still part of this slab, though they could be reviewed down the line.
In the current session, the GST council will also deliberate on measures to reduce the frequency of returns and expand the scope of the composition scheme.
There is an obvious near-term impact on GST collections from these measures (reportedly Rs 200 bn or 0.13% of GDP), but the medium-term benefits from simplifying tax rules justifies these measures.
GST bill
GDP
GST
tax
Essence of the Week