Quick Summary
GST Council May Finalise Two-Slab Structure in September-October Meeting - Major Reforms on Cards The GST Council is expected to meet in September or October to deliberate on sweeping reforms aimed at simplifying India's indirect tax regime. The Centre has proposed a new two-rate structure of 5% and 18%, along with a 40% levy on sin goods such as tobacco and pan masala, replacing the existing multiple slabs. Key Rate Rationalisation Plan Under the blueprint, almost 99% of goods currently taxe
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 011-411-70713
FAQ :
The reforms are expected to be implemented by Diwali, provided a consensus is reached by the GST Council.
The Centre has proposed a new two-rate structure of 5% and 18%, with a 40% levy on sin goods.
Almost 99% of goods currently taxed at 12% would move to the 5% slab, and nearly 90% of items in the 28% slab would shift to the 18% category.
Yes, exemptions and NIL GST rates on essential items will remain unchanged.
The proposals include faster GST registration (within 3 days for 95% of cases), automated refunds for exporters, pre-filled tax returns, and simplified goods classification.
The reforms aim to reduce the tax burden on common-use items, enhance consumption, create a more predictable tax framework, and make the system simpler, business-friendly, and growth-oriented.
CAclubindia
