GST
Central Indirect Taxes and Customs Board (CBIC) Chairman Sanjay Kumar Aggarwal said that the Group of Ministers constituted to rationalize the GST rate is engaged in its work and the report on it is in the final stages. It is expected to be placed before the GST (Goods and Services Tax) Council soon. After exemption in income tax rates on the direct tax front, it is expected that GST rates can be rational to give further speed to consumer demand. Aggarwal said, the Group of Ministers is working to rationalize GST rates on various goods. The report is in the final stages and is expected to be placed before the GST Council soon. GST is currently a four-level tax structure, with four ‘slabs’ of five, 12, 18 and 28 percent. The maximum taxes are levied 28 percent of harmful items from the perspective of luxury and society.
Group of ministers was formed three years ago
On the other hand, food items and essential items are the lowest tax. On the question of delay in the report, Aggarwal said, “Group of Ministers was formed about three years ago to rationalize the rates in GST.” Later his scope was extended, the terms of terms were changed. There was a change in the members. This has delayed the report, but now it is in the final stages. Asked if the report will be presented in the next meeting of the GST Council, Aggarwal said, “The Group of Ministers is doing his work and it will not be right to say anything about that at this time.”
India is not worried about America
On starting a trade war in a way through a significant increase in duty rate against some countries of America, Aggarwal said that the duty rates on imported products from the US are already lower, so the goods exported from India are more in the US There is no point in imposing a fee. He said, if the top 30 products are taken out of the imports from the US, then there is not much fee on them. For example, the highest imported crude oil is, the customs duty on it is just one rupee per ton. Similarly, LNG has five percent, 2.5 percent on coal, three percent on airplane, zero percent on raw diamonds and five percent on carved diamonds. He said, when we did not impose much fee, according to me, there is no case that more fees will be levied on the products exported from India to America. However, it will tell the future what happens in this matter.
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