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Highlights: GST Council announces steps to help tourism, trade
GST council meeting Live updates: All eyes are on GST council's meeting in Goa after the government announced slashing corporate taxes.
The Goods and Services Tax (GST) council meeting in Goa concluded hours after after the government slashed corporate taxes, aiming to reviving private investment and lifting growth from a six-year low that has caused job losses and fueled discontent in the countryside.
Domestic companies will pay 22 per cent tax on their income from April 1, 2019, versus 30 per cent previously, Finance Minister Nirmala Sitharaman said Friday. The effective rate, including all additional levies, will be 25.2% and applicable on companies that aren't availing any incentives or exemptions.
Sitharaman's announcements and the GST council's meeting comes at a time when India's annual economic growth fell to a 25-quarter low of 5% in April-June period.
Here are live updates on the latest GST decisions and reactions of the latest round of stimulus.