look news india
Inflation is already troubling people. In such a situation, people may face another big shock in the month of December. In the coming days, all types of products like tobacco and its products and aerated water etc. may become more expensive. The GOM (Group of Ministers) formed to rationalize GST rates has recommended changes in the rates of a total of 148 items.
These things can happen
According to sources, the GoM has recommended increasing the tax rate on tobacco and all tobacco products, aerated drinks (soda drinks-cold drinks) etc. from the existing 28% to 35%. Along with this, it has been proposed to impose 5% GST on readymade garments up to Rs 1500, while 18% GST on readymade garments between Rs 1500 to Rs 10,000 and 28% GST on readymade garments above Rs 10,000. Has gone. The GoM has also recommended increasing GST on several luxury items including leather bags, cosmetics. However, the Group of Ministers has recommended making everyday and commonly used items cheaper.
The meeting will be held on this day
Here it is being told that the GST Council meeting is going to be held on 21st December. It is expected that Union Finance Minister Nirmala Sitharaman will preside over this meeting and finance ministers of the states will also participate in it. It is also believed that the report of the Group of Ministers can also be discussed in this meeting. However, the final decision on change in GST rate will be taken by the GST Council only. Currently, GST has four tier tax slabs of 5, 12, 18 and 28 percent. A new rate of 35 percent is proposed by the GOM.
A decision on health and term insurance may also be taken in the 55th meeting of the GST Council in Jaisalmer, Rajasthan on 21 December 2024. The council, in its last meeting on September 9, had asked the GoM to submit a report on the imposition of GST on insurance. The report was to be finalized by the end of October. Last month, a Group of Ministers meeting was held on GST on health and life insurance products. It is believed that in this meeting a major decision can be taken regarding GST on health insurance and term life insurance.