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GST council meeting outcome awaited after FM's corporate tax break
All eyes are on the Goods and Services Tax (GST) council's meeting in Goa after the government slashed corporate taxes, aiming to reviving private investment and lifting growth from a six-year low that has caused job losses and fueled discontent in the countryside. Domestic companies will pay 22 per cent tax on their income from April 1, 2019, versus 30 per cent previously, Finance Minister Nirmala Sitharaman said Friday. The effective rate, including all additional levies, will be 25.2% and applicable on companies that aren't availing any incentives or exemptions. Sitharaman's announcements and the GST council's meeting comes at a time when India's annual economic growth fell to a 25-quarter low of 5% in April-June period. Here are live updates on the GST council meeting and reactions of the latest round of stimulus
Five things to expect from GST Council meet in Goa today
By pankaj jaiswal
New Delhi: Federal indirect tax body, the Goods & Services Tax(GST) Council, is set to meet in Goa on Friday amid demands from the industry for a fiscal stimulus. Here are the five things to expect from the meeting to be chaired by union finance minister Nirmala Sitaraman.
Many experts have suggested that while the GST council has, in several rounds, reduced the tax burden on products, the same has not happened in the case of services. The Council will consider a rate cut on outdoor catering services which employs semi-skilled or unskilled labour..
“GST collection shortfall for the first five years of GST. States’ demand will be discussed at the Council but a final call may take further deliberation.“