Large-scale GST reforms may be earlier than previously thought. Sources say it may only have to wait until Ganesh Chaturthi instead of Diwali

Is the “substantial” cuts in the Goods and Services Tax (GST) promised by Prime Minister Narendra Modi earlier than expected now? The GST Council, a panel on the highest decision-making and government tax rates chaired by the Finance Minister, will meet on September 3 and 4. This will be the 56th session of the Almighty Commission, which will include the State and UT Chancellors as its members.

Sources said the new GST rate will be achieved by Ganpati Visarjan itself rather than Diwali.

“This Diwali Festival, I want to make you a double Diwali Festival. This Diwali Festival, your compatriots will receive a great gift.” Prime Minister Modi said in his speech that in his speech to the country at Red Fort in the national capital on August 15, his government has been under government review within the scope of the government. Within the scope of the Pm Modi, PM launched a large-scale reform of the PMI and PM Modi launched a major reform of the PMI. The group and discussed with the United States.

“Our small entrepreneur MSME will get huge benefits,” the Prime Minister said.

He also vowed to make a range of everyday items “very cheap” to make “new growth” of the economy.

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This week, the Finance Minister gave the State-level Ministerial Group (GOM) an overview of the Modi government’s intentions for a comprehensive GST change, which includes lowering tax rates and reducing the company’s compliance burden.

GST Council meeting is scheduled to decide on the decision of the 2-level structure by Ganpati Visarjan

The proposal aims to replace the current four major GST rates at 5%, 12% and 28% at prices of only 2%, 5% and 18%, canceling interest rates of 12% and 28%.

Also read: Large Goods and Services Tax (GST) Remodel: 12% to be scrapped, 28% of tablets; GOM Accepts Centre’s Proposal

Under the proposed new GST structure, “excellent” goods and services will attract a 5% tax, while most other items will be taxed below 18%.

Finance Minister Nirmala Sitharaman had earlier said the simplified system would benefit ordinary people, farmers, middle class and small businesses while making GST more transparent and growth-oriented.

Also read: Only 2 major GST rates can you stay? Following PM Modi’s large “Diwali Gift” announcement, the center sends proposals to reduce costs

A group of ministers reviewed the central government’s recommendations to exempt individual health and life insurance premiums.

The GST Committee will make a final decision on the recommendations at its next meeting.

Meanwhile, the central government will suffer a blow of Rs 500,000 crore as the proposed GST lowers tax rates.

Also Read: HSBC Reports Reducing GST may increase automatic demand, creating jobs in India.

Ganpati Visarjan on Anant Chaturdashi on Saturday, September 6.

Diwali will be celebrated on Tuesday, October 21.

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