Complete GST lifecycle on one platform Complete GST lifecycle on one platform
Hyper-automation Hyper-automation
Smart reports & recon Smart reports & recon
Accurate filing Accurate filing
Request a Demo

GST Council might keep single tax rate for each product group for simplicity

Updated on: Jul 13th, 2021

|

3 min read

Updates from 17th April, 2017

The GST Council will meet on 18-19 May to finalise the tax rates for individual goods and services. Experts, however, are of the opinion that there will not be variable tax rates within a product group as it will further complicate the tax system. Currently, VAT rates differ on the same product across states, which is a huge pain for traders.

Uniformity in tax rates will also keep classification disputes and other litigations at bay. Industry leaders and tax experts, therefore, hope that the Council will rule in favour of uniform tax rates for particular HSN codes, and not levy tax on the MRP of the commodity.

As reported in The Economic Times

inline CTA
India’s Fastest and Most Advanced 2B Matching
Maximise ITC claims, use smart validations to correct your data and complete 2B matching in <1 minute

Public Discussion

Get involved!

Share your thoughts!

summary-logo

Quick Summary

GST Council meeting on 18-19 May to decide on uniform tax rates for goods and services, aiming to simplify the tax system by avoiding variable rates. Industry experts hope for uniformity to reduce disputes and litigations.

Was this summary helpful?
liked-feedbackliked-feedback

Clear offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. Clear serves 1.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India.

Efiling Income Tax Returns(ITR) is made easy with Clear platform. Just upload your form 16, claim your deductions and get your acknowledgment number online. You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing.

CAs, experts and businesses can get GST ready with Clear GST software & certification course. Our GST Software helps CAs, tax experts & business to manage returns & invoices in an easy manner. Our Goods & Services Tax course includes tutorial videos, guides and expert assistance to help you in mastering Goods and Services Tax. Clear can also help you in getting your business registered for Goods & Services Tax Law.

Save taxes with Clear by investing in tax saving mutual funds (ELSS) online. Our experts suggest the best funds and you can get high returns by investing directly or through SIP. Download Black by ClearTax App to file returns from your mobile phone.

Cleartax is a product by Defmacro Software Pvt. Ltd.

Company PolicyTerms of use

ISO

ISO 27001

Data Center

SSL

SSL Certified Site

128-bit encryption