Before Diwali, Modi government can give a big gift to the people of the country, it can abolish the 12 percent GST slab…

New Delhi. Before Diwali, Modi government can give another big gift to crores of people of the country. The GST Council meeting to be held on October 20 is being considered very important this time. There are speculations that in this time's meeting the Council may abolish the 12 percent GST slab. Many such essential items come under this slab, which have a significant impact on the pocket of the common man. If this happens, there will be a big impact on the prices of houses, shoes, clothes and mobiles. Sources say that in the meeting of the Group of Ministers to be held on October 20, a decision can be taken on abolishing the 12 percent GST slab.

However, it is not yet clear at what rate GST will be charged on the products falling under this slab. If the 12 per cent items are reduced to 5 per cent slab then it will definitely provide a lot of relief to the common man, but if these items are put in a higher slab like 18 per cent then obviously their prices will also increase.

Which products currently attract 12 percent tax? Talking about 12 percent GST slab, it includes packaged food items, clothes and shoes below Rs 1000, commercial property, mobile, milk, ghee, butter, fruit juice, umbrella, packed coconut water. Adi comes. Apart from this, some items of computers and dry fruits have also been kept in this GST slab. Why is the slab being abolished? The GST Council says that due to less number of items in 12 percent slab, the share of this slab in the total GST collection is very less. Is. The Group of Ministers has stated in its report that the 12 per cent slab has only 5 per cent share in GST collection. The highest share in GST is of 18 percent slab, which is close to 73 percent. The share of 28 per cent slab is 12.5 per cent, while the share of 5 per cent slab is 8 per cent.

Which items are included in 18 percent? Most of the items have been included in the 18 percent slab of GST. This includes products like consumer electronics, restaurants, smartphones, telecom services, clothes and shoes priced above Rs 1000, IT services, financial services like insurance, beauty products and machinery. This is the reason why three-fourth of the total GST collection comes through this slab.

Post Views: 85