Further rationalization of GST rates eyed
The Goods and Services Tax (GST) Council is scheduled to meet on 22 December 2018, while its likely to reduce tax rates on various items in the higher slabs. Prime Minister Narendra Modi has also assured that 99% of over 1200 goods and services will be brought under 18% or less GST.At present, there are about 34 goods left in the highest tax bracket of 28%. The expectations are high on reduction in GST rate for automobile tyres to 18% from 28%. The real estate sector is also expecting a push with reduction in GST rate for some of the items.
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