New GST rates provide multi-sector stimulus to Delhi’s economy
New GST rate cuts in Delhi from September 22 lower taxes on dairy, automobiles, hotel rooms, and essentials, boosting household savings, MSMEs, tourism, and overall economic growth.
New GST rate cuts in Delhi from September 22 lower taxes on dairy, automobiles, hotel rooms, and essentials, boosting household savings, MSMEs, tourism, and overall economic growth.
The new GST rates are expected to increase savings for farmers on essential items, thereby reducing their input costs and enhancing their overall income.
The Clothing Manufacturers Association of India (CMAI) has raised concerns over the rate-rationalisation proposal put forward by the Group of Ministers (GoM) that includes significant changes to GST rates for the apparel sector.
The tax rate on Tocilizumab, used for treatment of Covid-19 has also been waived off. The previous tax rate was 5 per cent.
With the capacity of the Government to grant further stimuli restricted because of falling revenues and burgeoning expenditure, and a further cut in interest rates by RBI looking difficult because of mounting inflation, new measures are required to raise revenue and put the economy back on rails
"It has become tendency of every sector to ask for lower GST. I feel GST issues are much larger than asking for rates," Chand said.
What is still missing in the real estate market is the intention of builders to pass on the benefit of the lower cost to the consumer. On December 8, the GST Council issued a notification seeking to address this very concern
"The government has been pro-actively engaging with various sectors and I am confident that going forward the council would continue to address issues," he added.
Assembly elections are due in Madhya Pradesh, Rajasthan, Chhattisgarh and Mizoram later this year.
Decisions applicable from 27 July; Piyush Goyal says the GST Council will now focus on job creation too.
