GST Council’s 56th Meeting: Only 5% and 18% Slabs to Remain

New Delhi (The Uttam Hindu)- The results of the 56th meeting of the GST Council chaired by Finance Minister Nirmala Sitharaman have come out. Many important announcements related to the pockets of common people were made in this meeting. The GST Council has approved the proposal to keep only two slabs in the GST system - 5% and 18%. According to the information, the GST Council has removed the slabs of 12% and 18%.

The GST Council has decided to put footwear and apparel priced up to Rs 2,500 in the 5% tax slab. PTI sources gave this information. Till now, only footwear and apparel priced up to Rs 1,000 were subject to 5% GST while products priced above this were taxed at 12%. After this decision taken in the GST Council, the highest body that takes decisions on matters related to Goods and Services Tax (GST), footwear and apparel up to Rs 2,500 will now become cheaper.

Let us tell you that Prime Minister Narendra Modi announced a major GST reform on Independence Day on 15 August. Its purpose was to restructure the existing GST slabs. The proposal talks about reducing the four slabs (5%, 12%, 18% and 28%) to just two.