When Will the Government Notify the Handling of Goods Under Higher GST Slabs?
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Synopsis
Union Commerce Minister Piyush Goyal has announced an upcoming notification for managing goods under elevated GST slabs. With a deadline approaching, dealers face uncertainty about handling ITC. This reform is seen as a key step towards India's self-reliance and economic growth. Stay updated on how this impacts consumers and businesses alike.
Key Takeaways
- Upcoming notification on transitional arrangements for GST.
- Deadline for new GST structure is September 22.
- Assurance of benefits being passed to consumers.
- Reforms are part of the vision for Atmanirbhar Bharat.
- CBIC is preparing for a smooth technology transition.
New Delhi, Sep 5 (NationPress) The Union Commerce Minister, Piyush Goyal, announced on Friday that a notification regarding a transitional plan for managing goods already stored under the elevated Goods and Services Tax (GST) slabs will be released soon.
The cutoff date for the implementation of the new two-slab tax system is set for September 22, leading to uncertainty among dealers regarding the management of Input Tax Credit (ITC) for products held under the previous and higher GST slabs.
During a press briefing, the minister emphasized that the government is committed to ensuring that the industry passes on all benefits from rate reductions to consumers.
Goyal clarified that the GST reform decisions are independent of actions taken by other countries.
“This transition was not instantaneous. For over a year, both states and the Centre have been engaged in the reform of GST leading to this outcome. Developments in other countries have only emerged recently, so the two matters are unrelated,” the minister stated.
He highlighted the reforms in GST as a pivotal move towards ‘Atmanirbhar Bharat’.
“The GST reforms represent progress towards creating an Atmanirbhar Bharat, a self-sufficient India that serves 1.4 billion citizens, united in the ambition to transform India into a Viksit Bharat by 2047—a developed and thriving nation where everyone has opportunities, participating in India’s inclusive and sustainable growth narrative,” Goyal expressed at an event on Thursday.
Goyal expressed confidence in India's resilience against challenges, stating, “India remains robust and united, capable of overcoming any adversity. We have demonstrated this in the past and will continue to do so in future challenges,” he assured.
Meanwhile, the Central Board of Indirect Taxes and Customs (CBIC) is optimistic about having its technology prepared by September 22 for a seamless transition to the next-generation GST.
Point of View
It is vital to emphasize that the government's proactive approach to GST reforms reflects a commitment to economic stability and growth. Ensuring that consumers benefit from tax reductions while providing clarity to businesses is crucial. The upcoming notification is not just a regulatory adjustment; it represents a broader vision for India's economic future.
NationPress
05/09/2025
Frequently Asked Questions
What is the deadline for the new GST structure?
The deadline for implementing the new two-slab GST structure is set for September 22.
How will the reforms affect consumers?
The government aims to ensure that all benefits from rate reductions are passed on to consumers by the industry.
What is the role of the CBIC in this transition?
The Central Board of Indirect Taxes and Customs (CBIC) is preparing its technology for a smooth transition to the new GST framework by September 22.
Are the GST reforms related to global trends?
According to Minister Goyal, the GST reforms are independent of recent developments in other countries.
What is 'Atmanirbhar Bharat'?
'Atmanirbhar Bharat' refers to the initiative aimed at making India self-reliant and economically independent.
