The conference will now make a final decision for widespread improvement in GST
States of the opposition agree to GST amendment in public interest but demanded details of the losses from two slabs removed.
New Delhi: Prime Minister Narendra Modi has proposed to remove slabs of 4 and 4 % of the four slabs under the Next Generation GST after announcing a comprehensive reform in GST from the Red Fort on Independence Day. A panel of ministers from different states has given theoretical approval on Thursday. However, some states ruled by the ministry have sought details of how much their income will be damaged and how it will be offset by the removal of two slabs.
The Group of Ministers chaired by Bihar Deputy Chief Minister Emperor Chowdhury, the Group of Ministers had to keep only five per cent and 5 per cent of the four slabs of Goods and Services Tax (GST), and to remove the slabs of 5 per cent and 5 per cent on Thursday. In addition to removing two slabs from GST, the central government has also proposed a special GST on 3-5 products of selection including tobacco, cigarettes.
A group of ministers said that if the common man benefited, he agreed to reduce the rate of GST. However, some members have sought to bring items for high-end cars like high-end cars under a special 5 percent tax. In addition, three members in a six -member panel of ministers are from BJP -ruled states from Bihar, Uttar Pradesh and Rajasthan while three members are ruled by Karnataka, Kerala and West Bengal. The recommendations of this panel of these members will be presented at the High-Power GST Conference. A final decision on widespread amendments to GST will be taken by the GST Council.
Emperor Chowdhury said that a group of ministers had accepted the GST proposal of two slabs of the center. According to this proposal, slabs of 1 and 2 percent will be removed from GST. We have allowed these recommendations. Five percent will be for good items and services and 5 percent for standard items and services. All states have welcomed the central government's proposal. This proposal is in the interest of ordinary people. However, it is recommended to keep ultra luxury goods, including tobacco products and ultra luxury cars, in the top 5 percent GST tax.
The group of ministers also reviewed the center's proposal to provide GST discount on health and life insurance for individuals. This exacerbation could affect the Center annually on the revenue of Rs 1 crore. Most of the states have endorsed the scheme, but also said that the benefit of the policy holders should be directly benefited.
West Bengal Finance Minister Chandrima Bhattacharya said that there was no talk of income loss in the proposal made by the central government before the groups of ministers to relieve GST rates. The opposition does not matter against the logic of GST rates, but the opposition wants to know how much they will suffer from a reduction in rates. Because finally the damage to the states will have a direct impact on the common man.
