The price of gold and silver jewelery may increase. The GST Fitment Committee has proposed to increase the rates of GST. The committee has said that the goods on which the rate of GST is currently 5 percent should be increased to 7 percent and the goods on which the rate is 18 percent should be increased to 20 percent.
You can get relief!
The fitment committee has also said in its proposal that two different rates of GST, 12 and 18 percent, should be merged into one. That is, by merging these two GST rates, a new rate of 17 percent should be made. However, this proposal is yet to be considered.
What’s on offer?
Apart from this, the GST Fitment Committee has also talked about increasing the compensation rate in its proposal. Right now this rate is 1%, which has been said to be increased to 1.5%. The most important thing is that in this proposal, emphasis has been laid on increasing the GST on gold and silver. GST Fitment Committee The GST Fitment Committee has proposed to increase the GST on gold and silver from 3 per cent to 5 per cent.
There will be a big change in GST!
The rate slab of GST will be changed only after the decision of the Group of Ministers. Only after that the proposals of the GST Fitment Committee will be approved. The GST Council will also brainstorm in this regard. Significantly, there has been speculation for several months regarding the change in the rates of GST, which can now be decided.
Cabinet meeting will be held
Actually, there is a meeting of the Group of Ministers on November 27. In this meeting, a big decision can be taken on the change in GST slab. In this meeting, a decision can be taken after discussion regarding changes in GST rates and changes in slabs. The decision of the Group of Ministers in this meeting can be presented in a possible meeting of the GST Council in December.