GST Reform Revolution: A Two-Tier Structure Unveiled
CBIC chairman Sanjay Kumar Agarwal is set to consult with various industry sectors to discuss the implementation of the new two-tier GST structure, decided during the GST council's 56th meeting. This reform reduces the tax slabs from four to two and will come into effect on September 22.
- Country:
- India
CBIC chairman Sanjay Kumar Agarwal will convene with representatives from a broad spectrum of sectors as part of efforts to ensure the seamless implementation of the updated GST reform. This move follows the GST council's 56th meeting, where a pivotal decision was made to adopt a streamlined two-tier GST structure of 5 percent and 18 percent.
The modification replaces the previous four-slab system and includes a compensation cess. Agarwal's consultations, commencing Wednesday, involve industry heavyweights such as Assocham, Ficci, and CII, focusing on rate rationalization and reform execution.
Meetings across various dates will address industries like consumer electronics, FMCG, hospitality, and agriculture, aimed at resolving technical issues and facilitating widespread understanding of the reform measures.
(With inputs from agencies.)
ALSO READ
Calls for Strategic Tax Reforms Over Pre-Election Promises
Governor Bhalla's Meeting with Kuki-Zo MLAs Sparks Political Controversy in Manipur
Global Diplomatic Journeys: Key Meetings and Events Around the World
RSS Leader Hosabale Stable After Hospital Admission During Major Coordination Meeting
Controversy in Manipur: Governor's Selective Meetings Stir Democratic Debate
Google News