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GST Council may prune 28% tax bracket in July 21 meet: report

The GST Council may consider reduction of tax rates on a host of items, like paint, cement, marble, tiles, and digital cameras, from the 28% tax slab to 18% rate in its July 21 meeting. Technology companies like Nikon, Canon, and Sony, amidst stiff competition from smart-phones, had made representations to the government to reduce rates on digital cameras to 18% from 28%. They additionally cited that in most Asian countries, digital cameras are taxed between 7 – 17%. On November 10th last year, the GST Council had slashed tax rates on around 178 items, moving them from the top bracket to 18% or lesser. The meeting will likely be chaired by the Interim Finance Minister Piyush Goyal for the first time. The rate cut may result in an estimated revenue loss of Rs 2,500 crore per month to the government.

Read More at Business Today News date : 30 Jun 2018, Saturday

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