The GST Council is going to meet once again after 2 days i.e. on 7th September. The 52nd meeting of the GST Council is going to be held on Saturday. In the important meeting of the GST Council to be held on Saturday, the 18 percent GST on electric vehicles can be reduced to 5 percent. At the same time, GST rates on coarse grains can also be reduced.
Apart from this, many big issues are likely to be discussed in the meeting. In this, GST on insurance and online gaming can also be discussed. At the same time, many industries may face a big blow due to the meeting. In fact, in the meeting, GST of 18 percent can be imposed on the corporate guarantee offered by the companies in lieu of loan. Let us know what effect this will have on you?
These issues can be discussed
The GST Council meeting to be held on Saturday is likely to review the implementation of 28 per cent tax on online gaming, horse racing and casinos, as well as consider the pending proposals for tax restructuring on millets and other items and the setting up of a GST Appellate Tribunal. .
At the same time, considering the government's focus on promoting millet, the GST Council headed by Union Finance Minister Nirmala Sitharaman can approve exemption of millet-based food products from GST. The council is also likely to review the GST rate for electric vehicle batteries, which currently attract 18 percent GST. The government can reduce it to 5 percent.
GST Council rejected the demand
The Fitment Committee of Goods and Services Tax has rejected the industry's demand to reduce tax on EV batteries and tobacco products. According to the Money Control report, the GST Council meeting is scheduled to be held on October 7. The industry had demanded uniform additional compensation cess on cigarettes/compensation cess on beedis/additional compensation cess on smokeless tobacco products/or lower compensation cess on cigarette sticks up to 70 mm. Which, according to sources, has been rejected by the Fitment Committee.
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