Here’s the English version of your content with a proper headline:
Government Plans Major GST Reforms; GoM to Propose Structural Changes
The government is planning major reforms in the Goods and Services Tax (GST). The Group of Ministers (GoM) on GST is expected to submit its recommendations soon, with the most important being a change in the GST structure.
According to sources, the GoM may propose to remove the 12% and 18% GST slabs. If implemented, GST rates on several items would need to be revised.
GST Rates May Increase on Some Items
Sources said the central government wants to reduce GST rates on some items while increasing rates on others. This would help balance revenue loss while supporting growth.
Currently, fertilizer acids attract 18% GST and bio-pesticides are taxed at 12%. The government plans to cut both to 5%, which would significantly reduce input costs in agriculture.
GST Cut for Renewable Energy Products
On the other hand, GST on coal, briquettes, and solid fuels may rise from 5% to 18%. This would minimize revenue loss from other cuts.
The government is also considering reducing GST on renewable energy products. Items like solar cookers, solar water heaters, and related devices/parts, currently taxed at 12%, could be lowered to 5% to promote green energy usage.
Relief for Textiles and Apparel
GST on items such as synthetic yarn, sewing thread, man-made fibers, felt, rubber thread, carpets, and metallized yarn may be reduced from 12% to 5%, providing relief to the textile sector.
For apparel, the limit for 5% GST on garments may be raised from ₹1,000 to ₹2,500. Apparel priced above ₹2,500, currently taxed at 12%, may instead be taxed at 18%.
Footwear GST Changes
For footwear priced below ₹2,500, GST could be reduced from 12% to 5%. However, for footwear priced above ₹2,500, GST may be increased from 12% to 18%.
The GST Council meeting, scheduled for September 3–4 in Delhi, will take the final call on these proposals. If approved, the changes are expected to be notified by the end of next month.
Would you like me to also prepare a short summary (3–4 lines) for quick website readers and SEO?
0 Comments