The Goods and Services Tax (GST) Council meeting which is scheduled to take place tomorrow (i.e. December 22) is seen as a harbinger of good news for the Indian markets which seem to have undergone a premature end to the Santa rally!
The government is expected to bring about 99 items under the 18% GST slab. “Today, the GST system has been established to a large extent and we are working towards a position where 99 per cent items will attract the sub-18 per cent GST slab,” Modi said.
PM Modi also hinted that only luxury goods will remain a part of the 28 percent slab; this means that the rates of products will go down by about 10% as those items will be shifted to the 18% slab.
Cement is one product which is most likely to be witnessing a slab shift. Other good news includes easy filing of returns, etc.