Profit for GST will not work, for customers, this is the government's next plan


  • Profit for GST will not work, for customers, this is the government's next plan
    Profit for GST will not work, for customers, this is the government's next plan
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After reducing the rates of more than 200 products in GST, the GST Council is now preparing to crack down on profits. The guidelines for the new system can be issued by the next month.

The GST Council is preparing to create 'anti-profit (anti-profits)' rules to tighten the profits. Through this, action will be taken against those traders who do not have the advantage of input tax credit to the customers. According to a report by the Economic Times, guideline can be issued for profits in the first week of December.


All the traders who receive input tax credit have to give their customers the benefit of this. When a trader buys raw materials and other materials, he has to pay taxes. This is input tax. When a product is ready with this material under GST, the business gets exemption while filling the tax due to the input tax filling. This is the input tax credit.


According to the report, the government can release the guideline in detail to stop profiteering till next month. Through this guideline, the GST Council will try to ensure that there is strong action against the profiteers of profiteers. Simultaneously, businessmen have benefited from input tax credits to common customers.


However, there are many questions in the minds of experts about this guideline that is about profiteering. They say that whether the advantage of input tax credit is possible to reach the common people on every brand. In the new guideline, the Council can resolve these doubts and prepare strong mechanisms to stop profiteering.

The GST Council has reduced the tax rate of more than 200 products last week. Now the council is preparing for new changes in GST. With these changes, the common man can get more relief. Finance Minister Arun Jaitley has indicated that the number of GST tax slabs can be reduced.

Finance Minister Arun Jaitley dismissed the demand of Congress Vice-President Rahul Gandhi, in which he had demanded to keep GST in the same tax slab. However, he indicated that the number of existing tax slabs of GST could be reduced.


In addition to considering bringing real estate and petrol-diesel under GST, GST Council may consider reducing tax slabs. In addition, he will consider changing the GST laws and rules. In fact, the purpose of this exercise is to increase the convenience of businessmen.



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