GST rates may witness major restructuring.
Change is the Only Constant: Nearly two and a half years after its implementation, GST rates are set to witness a major restructuring in a bid to shore up muted collections and increase revenue.
The GST council is expected to discuss raising the base slab from 5% to 9-10%, while doing away with the 12% rate and moving 243 items in this segment to the 18% band. In addition to this, several items currently exempted from tax - from treatment in “expensive” private hospitals to hotel accommodation under INR1,000 and high-value company home leases may also be brought under the ambit of GST.
These changes are expected to generate close to INR1L cr of additional revenue for the government. ET Policy
Your Opinion Matters: Finance Minister Nirmala Sitharaman has invited those who are interested in providing suggestions on simplifying and easing the GST filing process.
"A gentle reminder: Today, 7 December, all GST offices will be ready to receive suggestions on simplifying/easing the filing process. Invite those interested in providing suggestions to kindly approach the nearest office," Sitharaman tweeted. Livemint
Extra Crunch: In an attempt to promote digital transactions, the RBI has announced that round-the-clock transactions will be allowed under the National Electronic Funds Transfer (NEFT) system from December 16. The 24X7 NEFT system will be available on all days of the year, including holidays, it added. Financial Express
(Don't want to miss out on these End Of Day Wrap Ups? Subscribe Now to our WhatsApp Feed and get the day's Top Business stories straight on your favourite messaging app.)