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Government Fast-Tracks GST Reform, GST Council Meeting Scheduled
The government has moved into fast-track mode on GST reform. A Group of Ministers meeting has already been held, and now the government has called for a meeting of the GST Council on 3–4 September, starting at 11 AM in New Delhi.
Ahead of this, on 2 September, GST Council officials will meet to finalize the draft proposals. These proposals will then be discussed in detail during the ministers’ meeting on 3–4 September.
One major reform on the table is the reduction of the current four GST slabs to just two, a proposal that has already received approval from the Group of Ministers. It is highly likely that the GST Council will approve this change in the upcoming meeting.
In addition, the meeting may provide clarity on issues such as:
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Whether cess on certain items, especially luxury goods, will continue or be removed.
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The mechanism for compensating states for revenue losses.
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Solutions for inverted duty structure and input tax credit (ITC) claims where GST rates are being reduced or brought down to zero.
The broader focus of the meeting will be on overall GST system reforms.
Meanwhile, the automobile sector has urged the government to implement GST changes quickly, especially with the festive season approaching. With consumer demand rising, auto companies have requested that the GST rate cuts be rolled out before Navratri to prevent customers from delaying purchases in anticipation of lower prices.
The auto industry has also sought resolution of pending issues related to the Input Tax Credit (ITC) process alongside GST reforms.
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