The 31st meeting of Goods and Service Tax, GST, kick started in New Delhi on Saturday.Variety of commodities including air conditioners and cement are planning to shift into low tax category by this council meeting.
The 31st meeting is holding with an intention of reducing the tax burden upon the commoners.
Previously, Prime Minister Narendra Modi said his government will ensure that only 0.5 or 1 per cent of the total 1,200-odd items under GST remains in the peak 28 per cent slab.Thus the meeting which is being chaired by Union Finance minister Arun Jaitley, is expected to discuss issues and strategies related to the topics.
Recently PM Narendra Modi claimed that, “Today, we are reaching the situation where 99 per cent of the things can be brought under 18 per cent or less tax. And we are moving in that direction. After that, half a per cent or one per cent luxury items will probably be left out of 18 per cent, including airplane purchases, buying a big car, alcohol, cigarettes and some things, which will not even be one per cent (of items),”.
The current tax slabs of GST including 0%, 8%, 12%, 18% and 28%.The daily essential items attract nil tax, the luxury and sin items and some white goods fall in the highest tax bracket, which is 28%.