New Delhi, Nov 9: There is a renewed hope and excitement over the GST Council meeting to begin on Thursday. Tax rates on 80 percent items of top 28 percent slab are likely to be slashed at the council's meeting starting Thursday. "Tax rates on 80 percent of 227 items falling in the top slab is likely to be reduced from 28 percent to 18 percent in the next GST council meeting. The GST fitment committee has also recommended reducing tax rates from 18 percent to 12 percent on a number of goods," Sushil Modi, who is also a member of the GST council, on Wednesday said at a function at the Bihar Chamber of Commerce.
"So far, tax rates have been slashed on more than 100 items," he added. The GST Council will meet on November 9 and 10 in Assam's capital Guwahati.
The council could take up the proposal along with steps to cut GST on some items from the top 28% rate besides easing the compliance burden for businesses. As far as digital payments are concerned, the council has the option of incentivising merchants and customers.
News24Bureau with Agencies (File Pic)