While the GST Council is expected to cut tax rates on some commodities, most notably cement, during Saturday’s meeting, tax analysts do not expect a large number of rate cuts to take place. They do, however, expect greater clarity to do with the GST annual return form, around which there has been a lot of confusion.
“A rate cut could be on the cards because of some political compulsions,” Archit Gupta, founder and CEO, Cleartax told The Hindu. “One thing that is expected is a cut in the rate on cement, and something for regular housing such as under-construction properties.”
However, there are not likely to be a large number of rate cuts as industry expected following Prime Minister Narendra Modi’s statement on Tuesday saying that 99% of the items would be brought into the 18% or below rate slabs.