After West Bengal’s demand to put certain items from the 18% tax category in the 12% category, certain items from 28% tax category are also expected to be stashed to the 18% category. This shift is expected to be made at the upcoming meeting of GST council in Guwahati on Friday.
165 items that are currently in the 28% tax bracket are expected to be shifted to the 18% bracket, making just 62 items remaining in the 28% tax slab. The items where the 28% bracket is applicable include cosmetics, digital camera, pan masala, shaving creams, vacuum cleaners, refrigerators, chocolates, washing machines, marble, granite, hair conditioning products, and hair dyes.
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Image Source - The Economic Times
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The agenda of the upcoming meeting remains to reduce the tax burden of the tax payer, thus bringing real estate under this updated regime will also be considered in the meeting. The suggestions of the ‘rate-fitment committee’ if accepted would lead to the greatest rearranging of tax slabs since the initial roll of GST in India on July 1, 2017. This will put a majority of the common use goods from the 28% bracket to the 18% bracket, making goods cheaper for the public.
In one of his recent addresses to the public, Arun Jaitley was quoted saying that certain items should never have been part of the highest tax bracket.
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