GST Increase in October 2022?

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The Goods and Services Tax (GST) is a tax applied to most goods and services in Canada. In October 2022, the GST rate is set to increase from 5% to 5.5%. This discussion will explore the implications of this increase, and how it will affect Canadians and businesses. We will also discuss what measures can be taken to offset the increase, and how businesses can prepare for the change.

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No, there is no plan to increase the rate of GST in October 2022. The Goods and Services Tax (GST) is the major tax collected by the Government of India and is currently set at a uniform rate of 18% across the country, with some special exemptions. As of now, the Indian government has not proposed a hike in GST rate, and none is expected to be announced in October 2022 either.

However, this does not rule out potential future changes in GST rates. Various government bodies, including the Goods and Services Tax Council (GSTC), National Institute of Public Finance and Policy (NIPFP), and the Centre for GST Insight (CGSI) have all outlined potential reforms that could lead to a GST rate hike in the future. Such reforms include narrowing the base of taxable goods and services, increasing the frequency of performance reviews, and reducing the compliance burden on businesses.

For the latest updates on GST in India, please refer to Government of India website : https://www.gst.gov.in/ or the Central Board of Indirect Taxes and Customs website : https://www.cbic.gov.in/