Early speculation … recommend CBIC against speculation of commodity and services tax rate before the September Council meeting

The Central Council for Innight Customs and Customs (CBIC) has issued a warning consultant urging public ports and media to refrain from speculating on possible changes in the rates of commodity and services tax (GST). In her statement, CBIC made it clear that all decisions regarding commodity and services tax rates are taken combined by the Commodity and Services Tax Council.

The council, which is required to speculate on commodity tax rates and services to avoid them. Decisions are made in this regard collectively by the Commodity and Services Tax Council, which consists of the center and states. X.

This step is taken to prevent baseless rumors that may affect market conditions negatively.

The Energy Commodity and Services Tax Council, headed by Finance Minister Nermalla Sitaramann, will be held from September 3 to 4 in New Delhi to trade in major reforms, including the transformation into the commodity tax structure. In a note note, the Commodity and Services Tax Secretariat confirmed that the council will receive recommendations made by three groups of ministers (GOMS) regarding the rationalization of prices, the suspension of compensation, and the imposition of taxes on health and life insurance.

This council includes members of the central governments and state governments, ensuring a balanced and comprehensive evaluation of any proposed changes. CBIC consultations aim to enhance the official advertising protocols to protect from market disturbances that can result from premature speculation.

Last week, GOM supported the widespread rationalization of prices for the center’s suggestion of the commodity and services tax structure of two levels.

According to the reformist plan, the tax and services tax can be simplified into two panels of 5 % and 18 %, classification of goods and services as “merit” or “standard”. In addition, a special rate of 40 % is suggested to selected elements such as high -end cars and sin. Currently, GST is a 4 -level structure of 5, 12, 18 and 28 percent.

The council’s discussions are expected to put the way for one of the most important changes in GST design since its start in 2017.