Recently the 22nd GST Council Meeting has commenced and it has bought a lot of major update and reforms.
As PM Modi has quoted:
Diwali has arrived 15 early this year for India.
Some items have gone cheaper and some not. While the taxpayers have a mixed feeling, the regular value urban consumer market has surely rejoiced.
Before hitting the direct results of this meaning let us see the underlying propositions to each update that is being made:
While the reverse charges are abolished, customers have rejoiced as according to its removal the recipient of the goods and/or services is no more liable to pay GST but now the supplier is.
This won’t affect the top level manufactures, low-level key players have concerned themselves with the enforcement the added tax. So to celebrate that gap, the turnover rise would directly help the middle and small scale industries to thrive and prolong their market sustenance by fluidizing the tax payments.
So, now the back end decisions have been balanced and B2B chain has been strengthened. Based on the above foregrounds, the frontend decisions that the latest GST council has taken are:
However it is still debatable that how sweet this early Diwali would remain as the decisions though delightful for the end customer, are somewhat mixed for the backend retailers and market has to sustain both equally to function properly. Therefore, the post cursor of this GST meet is only yet to be discovered in the coming days.
Source: Zee News
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