.Representative imageIn a significant development, the Team of Ministers (GoM) on Saturday set some Item and Companies Tax Obligation (GST) rate revisions that are most likely to introduce an extra Rs 22,000 crore revenue.The GoM, moved by Bihar Deputy Main Administrator Samrat Chaudhary, suggested bring up GST prices on several luxurious items, including high-end watches and shoes.The GoM recommended to raise the GST cost on wristwatches priced above Rs 25,000 from 18 per cent to 28 per-cent. Also, shoes costing over Rs 15,000 will definitely likewise find an income tax trek coming from 18 per-cent to 28 per cent, as per the GoM proposal.The GoM members also chose to lesser tax obligation fees on 20-litre packaged drinking water bottles and bicycles to 5 percent from 18 per cent. GST on exercise notebooks can be reduced to 5 per cent from 12 per cent, the participants proposed.The GST on bicycles priced below Rs 10,000 must be lowered from 12 percent to 5 per cent.In September, the GST Authorities, headed by Financial Minister Nirmala Sitharaman, decreased the GST on cancer medicines and 'namkeens' (selected snack foods). At the same time, the GoM has likewise chosen to spare the GST on term life insurance costs as well as costs paid for by seniors for health cover. The move would certainly lessen the tax trouble on each insurance carriers as well as insurance holders. The ministerial panel, entrusted to rationalise costs, is actually set up to provide its own referral to the GST Council through October 31. The decision hereof will certainly be taken by the GST Council when it finds following.
Published On Oct 20, 2024 at 12:22 PM IST.
Join the community of 2M+ business specialists.Subscribe to our email list to get newest knowledge & study.
Download And Install ETRetail Application.Receive Realtime updates.Spare your much-loved write-ups.
Check to install App.