Last Update: February 11, 2023, 11:24 IST
The business community has argued that reducing GST rates will help the average person.
According to the Finance Minister, there is a need to review the 28% GST on cement.
The head of the Central Board of Indirect Taxes and Customs said on Friday that the Goods and Services Tax (GST) Council India After giving suggestions, the expert committee will decide whether to reduce the tax rates on cement or not. Its chairman Vivek Johri announced that the Fitment Committee – which studies the effects of rate adjustments – will convene to debate the reduction in the 28% GST rate on cement and complete its report, before handing it over to the Council.
The GST Council, which is headed by Finance Minister Nirmala Sitharaman and acts as the final arbiter in such matters, will convene on February 18. Vivek said that the agenda for the meeting to be held on February 18 is still being finalised. Johri told reporters in New Delhi that according to the finance minister, there is a need to review the 28 per cent GST on cement.
Nirmala Sitharaman had said a few days ago that the government is considering the request of the cement industry for a reduction in the GST rate. It is clear from Vivek’s statement that the upcoming meeting of the GST Council will address it. The introduction of 28 per cent GST increases the cost of cement significantly. To give relief to the general public, the government should reduce the GST rate on cement.
The cement industry claims that it being a common consumer item, they do not get input tax credit. In contrast, the commercial sector or governments use cement in large quantities and are thus eligible for input tax credit. The business community has argued that reducing GST rates will help the average person.
The 49th meeting of the GST Council has the potential to take many important decisions. An important announcement regarding online gambling tax rates and GST tribunal is expected. According to CBIC chairman Johri, an amendment to the Finance Act is being considered to exempt small business owners from the need to register for GST while doing online transactions.
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