How the GST Council is Planning to Simplify Taxation for the MSME Sector
The GST Council has proposed a reduction in tax rates on several essential goods and services to provide relief to consumers and promote economic growth.
The Council has introduced a revision in the GST rate for real estate transactions. The tax on affordable housing projects has been reduced, aiming to boost the housing sector.
In line with the government’s push for sustainable mobility, the GST rate on electric vehicles (EVs) has been further lowered to encourage adoption.
The GST on solar power generation equipment has been reduced in an effort to encourage the use of renewable energy sources.
The GST Council has adjusted the tax rate on hotel services, particularly for hotels offering rooms below a specified price range.
Textiles and apparel have seen revisions in the GST structure. Some essential clothing items have been moved to a lower tax bracket
The tax on digital services such as online streaming platforms, cloud services, and e-commerce businesses has been slightly increased to account for the growing consumption of these services.