PM Narendra Modi is back to the office for the second time! Companies across sectors such as durables, automobiles and real estate want him to bring down the GST rates.
From the Durable Sector:
✔ Products like AC and TV with 28% GST should be brought down to 18%.
✔ “They are not luxury items, they are essential products, hence they should have lower GST”, is what they say!
✔ Reducing 10% GST will attract more customers and demand for such products will increase.
From the Automobile Sector:
✔ Commercial & passenger vehicles including cars, two-wheeler should be reduced from 28% to 18% GST.
✔ Additional cess between 1% to 15% should be applicable on them depending on the engine size, vehicle length and fuel type.
From the Real-Estate Sector:
✔ Currently, GST for houses costing < 45 lakh has been reduced from 8% to 1%.
✔ Also, GST on Big houses has been reduced from 12% to 5%. Now, this sector wants the Modi to reduce the GST for such houses (costing up to Rs 75 lakh) from 5% to 1% so that more number of customers can benefit too.
What do you think about these GST changes proposed? Please comment below.
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Source: Business Standard