<p>New Delhi: The Goods and Services Tax (GST) Council, the top governing body of the country’s indirect tax system, is scheduled to hold a two-day meeting beginning Wednesday to decide on rate restructuring and “next-generation” reforms that are expected to make a host of items cheaper and ease burden on small businesses.</p><p>As per a notice issued by Revenue Secretary Arvind Shrivastava, the 56th meeting of the GST Council will be held in New Delhi on September 3-4. Revenue Secretary is the ex-officio secretary to the GST Council.</p><p>The Council, chaired by Union Finance Minister Nirmala Sitharaman, is widely expected to scrap 12% and 28% GST slabs and consolidate the items in them with lower rates of 5% and 18%.</p><p>A large number of consumer items like television, air conditioner and small cars, which are currently under the 28% GST slab, are likely to move to 18% slab, becoming cheaper by 10 percentage points.</p><p>Several items such as toothpaste, shampoo and talcum powder, which are currently taxed at 18%, are likely to move to 5% slab. It will lead to a sharp drop in the price of these goods.</p>.GST collection rises 6.5% to Rs 1.86 lakh crore in August.<p>According to government sources, around 99% of items in the 12% slabs are likely to move to 5% slab, while 90% of goods and services under the 28% rate will shift to 18%.</p><p>SBI Research in a note said the rate rationalisation is likely to result in stronger revenue collections.</p>
<p>New Delhi: The Goods and Services Tax (GST) Council, the top governing body of the country’s indirect tax system, is scheduled to hold a two-day meeting beginning Wednesday to decide on rate restructuring and “next-generation” reforms that are expected to make a host of items cheaper and ease burden on small businesses.</p><p>As per a notice issued by Revenue Secretary Arvind Shrivastava, the 56th meeting of the GST Council will be held in New Delhi on September 3-4. Revenue Secretary is the ex-officio secretary to the GST Council.</p><p>The Council, chaired by Union Finance Minister Nirmala Sitharaman, is widely expected to scrap 12% and 28% GST slabs and consolidate the items in them with lower rates of 5% and 18%.</p><p>A large number of consumer items like television, air conditioner and small cars, which are currently under the 28% GST slab, are likely to move to 18% slab, becoming cheaper by 10 percentage points.</p><p>Several items such as toothpaste, shampoo and talcum powder, which are currently taxed at 18%, are likely to move to 5% slab. It will lead to a sharp drop in the price of these goods.</p>.GST collection rises 6.5% to Rs 1.86 lakh crore in August.<p>According to government sources, around 99% of items in the 12% slabs are likely to move to 5% slab, while 90% of goods and services under the 28% rate will shift to 18%.</p><p>SBI Research in a note said the rate rationalisation is likely to result in stronger revenue collections.</p>