27.08.202502:22:13UTC+00All Food and Textile Moved into India’s GST Cut Plans

The Goods and Services Tax (GST) Council in India is set to convene on September 3 and 4 to deliberate on potential tax reductions for a variety of goods and services. As reported by the Times of India, there is a proposal to place all food and textile products under the 5% tax category. This initiative aims to streamline the tax system and address classification challenges. Furthermore, it has been suggested to lower the tax on cement from 28% to 18%, a change eagerly anticipated by the construction and infrastructure sectors where cement is a crucial element. This reduction is likely to decrease costs for end consumers, assuming the industry, which has frequently been accused of cartelization, transfers the tax savings to buyers. The government is also considering the possibility of reducing taxes on some widely used services from 18% to 5%.