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Proposal of new tax slabs for cigarettes, tobacco, harmful beverage products; Know expected announced date
GST: It has been told that the Group of Ministers will submit a proposal to change the tax on 148 items to the GST Council. It is expected to have a positive impact on the total revenue.
A meeting of the Group of Ministers (GOM), which decides the tax on different things in the Goods and Services Tax (GST) system, was held on Monday. It was decided that tax on the items that harm the society would be increased. In view of this, a 35 percent tax has been imposed on cigarettes, tobacco, cold drinks, and other carbonated drinks and related products. The tax rate on such products is presently fixed at 28 percent.
The Group of Ministers, led by Bihar Deputy Chief Minister Samrat Chaudhary, has decided on the rationalization of tax levied on clothes. Under this, a 5 percent tax will be levied on readymade garment clothes up to Rs. 1500, 18 percent on each cloth from 1500 Rs to 10 thousand, and 28 percent on clothes for more than 10, 000.
It has been told that the Group of Ministers will submit a proposal to the GST Council for tax changes on 148 items. It is expected to have a positive impact on the total revenue. An official said that the system of four-level tax slabs of 5, 12, 18, and 28 percent will continue. However, the Group of Ministers has proposed a new rate of 35 percent this time.
