Will Your Essential Goods Get Cheaper? GST Council to Discuss 12% Slab Reduction

Get ready for potential price drops! The GST Council is gearing up for its next meeting, likely in July, with a key agenda item being a possible reduction in the 12% Goods and Services Tax (GST) slab. This move could bring much-needed relief to consumers’ wallets.

Tax Relief on the Horizon?

This anticipated reduction could translate to lower prices for a range of goods currently falling under the 12% slab. While the specific items haven’t been disclosed yet, the discussions signal a positive step towards making essential goods more affordable.

Service Intermediaries Under Scrutiny

Beyond the 12% slab discussion, the GST Council will also finalize the tax treatment of service intermediaries. This clarification will provide much-needed clarity for businesses operating in this sector and contribute to a more streamlined tax system.