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GST Council to Decide Cement Tax Rate After Expert Analysis
ECONOMY & POLICY

GST Council to Decide Cement Tax Rate After Expert Analysis

13 Feb 2023 2 Min Read CW Team
The head of the Central Board of Indirect Taxes and Customs said on Friday that when an expert committee makes its recommendation, the Goods and Services Tax (GST) Council of India will decide whether to lower tax rates on cement.

The fitment committee, which examines the consequences of rate adjustments, will meet to discuss and finalise its report on the elimination of a 28% GST rate on cement before submitting it to the council, according to its chairperson Vivek Johri.

The GST Council, the last judge in such matters and chaired by Finance Minister Nirmala Sitharaman, will meet on February 18.

The agenda for the meeting on February 18 is still being finalised, according to Vivek. According to the finance minister, the 28% GST on cement needs to be examined, Johri told reporters in New Delhi.

The government is considering the cement industry's request for a cut in the GST rate, according to Nirmala Sitharaman's recent statement. Vivek's comment makes it clear that this would be covered in the future GST Council meeting. Cement prices have increased dramatically as a result of the adoption of a 28 percent GST.

To help the ordinary public, the government should reduce the GST rate on cement. The cement business asserts that although it is a common consumer commodity, input tax credits are not granted.

The commercial sector or governments, on the other hand, use cement in considerable amounts and are thus qualified for input tax credits. Lowering the GST rates, according to the business community, will benefit the average individual.

The GST council's 49th meeting can make a number of important decisions. Regarding the GST tribunal and online gambling tax rates, a substantial announcement is anticipated. The Finance Act may be changed, according to CBIC Chairman Johri, to relieve small business owners from having to register for ST when making online purchases.

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The head of the Central Board of Indirect Taxes and Customs said on Friday that when an expert committee makes its recommendation, the Goods and Services Tax (GST) Council of India will decide whether to lower tax rates on cement. The fitment committee, which examines the consequences of rate adjustments, will meet to discuss and finalise its report on the elimination of a 28% GST rate on cement before submitting it to the council, according to its chairperson Vivek Johri. The GST Council, the last judge in such matters and chaired by Finance Minister Nirmala Sitharaman, will meet on February 18. The agenda for the meeting on February 18 is still being finalised, according to Vivek. According to the finance minister, the 28% GST on cement needs to be examined, Johri told reporters in New Delhi. The government is considering the cement industry's request for a cut in the GST rate, according to Nirmala Sitharaman's recent statement. Vivek's comment makes it clear that this would be covered in the future GST Council meeting. Cement prices have increased dramatically as a result of the adoption of a 28 percent GST. To help the ordinary public, the government should reduce the GST rate on cement. The cement business asserts that although it is a common consumer commodity, input tax credits are not granted. The commercial sector or governments, on the other hand, use cement in considerable amounts and are thus qualified for input tax credits. Lowering the GST rates, according to the business community, will benefit the average individual. The GST council's 49th meeting can make a number of important decisions. Regarding the GST tribunal and online gambling tax rates, a substantial announcement is anticipated. The Finance Act may be changed, according to CBIC Chairman Johri, to relieve small business owners from having to register for ST when making online purchases.

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