21.11.2017: The GST Council is probably to cut the Tax Rate on digital items which include washing devices, refrigerators and air conditioners. These items are inside the top 28 percent slot. The council may revise them in the next round of rationalization after the earlier GST Rate Cut on 15.11.2017.
What can also be more cheaper because of GST rate cut?
GST Council may additionally lessen tax on consumer long-lasting items. These include washing machines, refrigerators, and domestic home equipment from the contemporary 28 in line with 18 percent.
Globally, products including dishwashers and washing machines are seen to be items that have unburdened on ladies. Besides, products such as dishwashers are largely imported into India. This impacts a decrease in neighborhood levies.
GST may also provide an incentive to companies to manufacture these items in India, instead of shipping them from South Korea and other countries. Several white items are already in the 12 percent and 18 percent brackets.
Central Board of Excise and Customs released a press release on 20.11.2017. Where it made an appeal to industry leaders to pass the benefit of GST Rate reduction to the consumers. Thus, the government wants to give the advantages of the reduction in the GST rate to the consumers by way of commensurate discount in prices. The reduction in the GST rate will also encourage domestic demand and investment.
Ms. Vanaja N. Sarna, Chairperson, Central Board of Excise & Customs (CBEC) has addressed a letter to all the major Fast Moving Consumer Goods (FMCG) companies. Where she pointed out the need to straight away revise the MRP on all the products in which the reduction of GST has been announced by the Council. She has also requested all to provide extensive publicity to the revised MRP of products. The Government expects that the industry should immediately respond to the earlier appeal made by the Finance Minister on this issue.
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