• Feedback
  • RSS Feed
  • Sitemap
Ommcom News
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
Home Nation

GoM Proposes To Raise GST On Luxury Shoes, Watches, Aims Revenue Boost By Rs 22,000 Cr

OMMCOM NEWS by OMMCOM NEWS
October 19, 2024
in Nation

New Delhi:  In a significant development, the Group of Ministers (GoM) on Saturday agreed upon some Goods and Services Tax (GST) rate revisions that are likely to bring in an additional Rs 22,000 crore revenue.

The GoM, headed by Bihar Deputy Chief Minister Samrat Chaudhary, suggested raising GST rates on several luxury items, including high-end wristwatches and shoes.

The GoM proposed to increase the GST rate on wristwatches priced above Rs 25,000 from 18 per cent to 28 per cent. Also, shoes costing over Rs 15,000 will also see a tax hike from 18 per cent to 28 per cent, as per the GoM proposal.

The GoM members also decided to lower tax rates on 20-litre packaged drinking water bottles and bicycles to 5 per cent from 18 per cent. GST on exercise notebooks can be reduced to 5 per cent from 12 per cent, the members proposed.

The GST on bicycles priced below Rs 10,000 should be reduced from 12 per cent to 5 per cent.

In September, the GST Council, headed by Finance Minister Nirmala Sitharaman, reduced the GST on cancer drugs and ‘namkeens’ (selected snacks).

Meanwhile, the GoM has also decided to exempt the GST on term life insurance premiums and premiums paid by senior citizens for health cover. The move would alleviate the tax burden on both insurers and policyholders. The ministerial panel, tasked to rationalise rates, is scheduled to submit its recommendation to the GST Council by October 31. The final decision in this regard will be taken by the GST Council when it meets next.

(IANS)

ShareTweetSendSharePinShareSend
Previous Post

Building Collapses After Explosion In MP’s Morena, Many Feared Trapped

Next Post

3 Minor Boys Drown In Canal In Mayurbhanj Dist

Related Posts

Nation

Committed To Speed Up India-EU FTA, Seek Stronger Trade Ties With Italy: Piyush Goyal

June 6, 2025
Kailash Vijayvargiya
Nation

Madhya Pradesh Minister Courts Controversy On ‘Short Dress’ Remarks

June 6, 2025
Siddaramaiah
Nation

Chinnaswamy Stampede: Siddaramaiah Announces Suspension Of B’luru Police Commissioner; New Top Cop Appointed

June 6, 2025
Nation

Encounter Between Security Forces And Militants Along Arunachal’s Border With Myanmar

June 6, 2025
Toddler Drowns
Nation

Seven Pilgrims Drown In Dwarka; One Dead, Six Rescued

June 6, 2025
Nation

Gujarat Reports 167 New Covid-19 Cases; Country’s Active Case Tally Nears 5,000

June 6, 2025
Next Post
Drowning

3 Minor Boys Drown In Canal In Mayurbhanj Dist

Revenue Inspector Apprehended By Vigilance For Bribery In Jajpur

BJP Releases List Of 66 Jharkhand Candidates, Fields Babulal Marandi From Dhanwar, Champai Soren From Saraikela

Khimji
  • Feedback
  • RSS Feed
  • Sitemap

© 2025 - Ommcom News. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ

© 2025 - Ommcom News. All Rights Reserved.