GST Council Meets: Possible Rate Cuts for Autos & Consumer Goods, but Tobacco Prices May Rise 🚗

Discussions are underway at the two-day GST Council meeting regarding a significant rate rationalization. Sources indicate a proposal to simplify the GST regime to two primary rates of 5% and 18%, with a special 40% rate for certain items. The Finance Minister of Andhra Pradesh noted a consensus is forming among states to support the Centre's proposal. Key challenges being discussed include the potential revenue deficit for states and a separate proposal for an additional levy on sin goods. The potential tax rejig could benefit sectors like autos and consumer durables. Conversely, sin goods such as tobacco may face a higher tax of 40%. Regarding this, one analysis suggests that 'higher tax rates don't really deter consumption' long-term, though stock prices may see a short-term impact. #gstcouncil #gst #taxes #itwebvideos #indianeconomy #businessnews #stockmarket #autosector #consumerdurables #tobacco #itc #gstrejig #taxreform #finance #breakingnews #economy

Subscribe to India Today for NEW VIDEOS EVERY DAY and make sure to enable Push Notifications so you'll never miss a new video.

All you need to do is PRESS THE BELL ICON next to the Subscribe button!

India Today TV is India's leading English News Channel. India Today YouTube channel offers latest news videos on Politics, Business, Cricket, Bollywood, Lifestyle, Auto, Technology, Travel, Entertainment and a lot more.

Stay tuned for latest updates and in-depth analysis of news from India and around the world!

WhatsApp Channel: https://whatsapp.com/channel/0029Va2AnW3JENxxg7OuJv00

Download App: https://indiatoday.link/wHaj

Follow us: Official website: https://www.indiatoday.in/

Twitter: https://twitter.com/IndiaToday

Facebook: https://www.facebook.com/IndiaToday