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Cabinet officials

GST Council to Meet in September to Revamp Indirect Tax Regime

Strategic Insights

— 1 min read

The Goods and Services Tax (GST) Council is set to meet in the third week of next month, around September 18-19, to discuss the Centre's plan for a comprehensive revamp of the eight-year-old indirect tax regime. The Centre's plan aims to reduce the overall tax burden on consumers by dispensing with the 12% and 28% slabs. However, opposition parties, including the Congress, are seeking to take credit for lower taxes while their finance ministers have often opposed a cut in taxes citing revenue loss for states and the Centre.

Key Takeaways:

  • The GST Council is expected to meet in the third week of September to discuss the Centre's plan for revamping the indirect tax regime.
  • The Centre's plan aims to reduce the overall tax burden on consumers by dispensing with the 12% and 28% slabs.
  • Opposition parties, including the Congress, are seeking to take credit for lower taxes, but their finance ministers have often opposed a cut in taxes citing revenue loss for states and the Centre.
  • The PM's announcement of the plan in his Independence Day address has reduced the scope for blocking the much-awaited restructuring.
  • The Congress leadership has previously taken a different stance on tax reform than the party's finance ministers in states where the party is in office.
  • The principal opposition party has often sought to block tax reform despite having failed to move ahead with it during its 10 years in office as the leader of the UPA coalition.

Statistics:

  • The GST Council is set to meet in the third week of September, around September 18-19.
  • The Centre's plan aims to reduce the overall tax burden on consumers.
  • The 12% and 28% slabs are expected to be dispensed with under the Centre's plan.
  • The overall tax burden on consumers is estimated to be lower under the Centre's plan.

Sources:

  • "The PM's announcement of the plan in his Independence Day address has reduced the scope for blocking the much-awaited restructuring, especially when the 12% and 28% slabs are sought to be dispensed with the overall tax burden on consumers expected to be lower." - TIMES NEWS NETWORK
  • "Sources also pointed out that principal opposition party has all along sought to block the tax reform despite having failed to move ahead with it during its 10 years in office as the leader of the UPA coalition." - TIMES NEWS NETWORK

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