41th GST Council Meeting held today at 11 a.m
41th GST Council Meeting held today at 11 a.m

The 41st meeting of the GST Council (GST Council) will be held today at 11 am. GST Compensation will be discussed in the meeting of GST Council. A decision can be taken on imposing a three per cent GST on selling gold. Also, the GST on two-wheelers can be reduced from 28 per cent to 18 per cent to bring gold under the ambit of the e-way bill.

Finance Minister can consider demand of the auto industry.

Bikes and scooters can be cheap up to 10 thousand rupees. On Tuesday, Finance Minister Nirmala Sitharaman (Finance Minister of India) has indicated to give relief to companies making 2 wheelers. In the 41st meeting of the GST Council to be held on August 27, the Finance Minister can consider this demand of the auto industry. After this news, Rajiv Bajaj, managing director of Bajaj Auto, told CNBC-TV18 in a special interview that if the government reduces the GST (GST on two wheeler) on a two-wheeler, it will benefit the industry immensely. He said, in the atmosphere of this crisis, the government should give responsibility, so that the condition of companies can improve. Currently, GST is levied on the auto sector at the rate of 28 per cent currently. Rajiv Bajaj Bajaj said that if the GST is reduced from 28 per cent to 18 per cent, then the price of the bike can be cheaper from 8000 to 10,000 rupees.

Read Also: GST Council meeting 27th August 2020: FM Nirmala Sitharaman will preside

Things can get expensive-According to information received by sources to CNBC-TV18, some states are likely to discuss the proposal to increase the cess on perishable goods i.e. Sin Goods in the GST Council meeting. States like Punjab, Chhattisgarh, Bihar, Goa, Delhi are among those who suggest increasing the cess on sin goods. If this happens, cigarettes, pan masala will become expensive.

Read Also: No change in schedule: JEE mains and NEET examinations to be held on time, admit card released

41st GST Council Meeting Expectation and Latest News Updates

According to the current GST rate structure, some sin goods, including cigarettes, pan masala and aerated drinks, are cessed. Apart from sin goods, cess is also imposed on luxury products like cars.

Read Also: GST News: Two Wheelers can be cheap again in India, see how

from selling gold jewelery, you may have to pay tax – the time coming on the amount received on selling old gold jewelery or gold May have to pay three percent GST, it may be decided in the upcoming GST Council meeting, recently on a proposal to impose three percent GST on the sale of old gold and jewelery in a group of state finance ministers (GoM) Almost agreed.

Read Also: Unlock 4.0 West Bengal: Schools and colleges will remain closed till 20 September

The GoM may also decide that gold and jewelery shops have to extract e-invoices (e-bills) for every purchase and sale, a step that can be taken to prevent tax evasion. Still, from small cities to big cities, shopkeepers pay raw bills after selling gold in many places. This entire process is to stop tax evasion and to save black money, now to stop it, there is a preparation to make it mandatory to withdraw the e-bill, this will be discussed in the meeting of GST.

Read Also: NEET & JEE Mains Exam 2020: Odd-even system to be applied in examinations

LEAVE A REPLY

Please enter your comment!
Please enter your name here