The entire car industry is eyeing the meeting of the GACT Council (GST Council) to be held in Goa today i.e. 20 September. The question is whether the GST Council can cut tax to get the auto sector out of recession. However, Bihar Finance Minister Sushil Kumar Modi has indicated that the council has no such intention. Today, Finance Minister Nirmala Sitharaman is also going to hold a press conference at 10 am.
Important meeting of GST Council will be held today in Goa. This meeting is considered to be one of the most important as this meeting would be presided over by Finance Minister Nirmala Sitharaman. It is also expected that a press conference will be taken before the commencement of the meeting. Auto sector eyes are on this meeting as auto sector is facing saturation and it is expected that this meeting will bring some hope in the auto industry as there may be changes in the slab structure of the industry.
It is also expected that reduce in the slab of GST there will be loss in crores to the government annually. In such a situation to take decision will not be an easy task as loss to the government will amount to somewhere Rs 50 thousand crores
Sushil Modi has also indicated that states are not ready to give relief in GST on biscuit industry and other manufacturing sectors too. The auto sector has been demanding to reduce the current GST rate from 18 percent to 18 percent.
Among the sectors that can get relief in today's GST Council meeting, 5-star hotels and diamond industry can be. It is believed that GST on silver and platinum may be eliminated to encourage exports. The fitment committee has suggested that the GST be reduced from 3 percent to zero percent on these. Let us tell you that the 37th meeting of the GST Council will be held today.
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