This discussion focuses on the GST Council’s decision to rationalize the tax structure, a move described as a momentous step towards next-generation reforms. The primary change is the consolidation into an effective two-rate system. One expert noted, "You have now effectively a two rate structure of 5% and 18%". The reform aims to boost consumption, eliminate classification disputes, and correct the inverted duty structure, reflecting cooperation between the Centre and states. However, experts debate the financial impact, with a projected revenue implication of 48,000 crores. While the government anticipates long-term benefits will offset initial losses, some analysts predict states could face revenue shortfalls for one to two years. The conversation also addresses the need to increase GST coverage and raises concerns about overall government revenue following recent cuts to corporate and personal income taxes. #gst #gstrationalisation #gstcouncil #itwebvideos #taxreform #indianeconomy #economy #taxes #finance #policy #consumption #statefinances #gstupdate #businessnews #taxation #india
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