Group of ministers will discuss changes in GST slab-rate
Group of ministers will discuss changes in GST slab-rate…
In the press conference of the GST Council held on september 9, the decision to change the GST rates was announced. The GST rates of some products were changed. In such a situation, changes have also been seen in the main tax structure of the country. On september 9, the group of ministers gave its report on the impact of the change in GST rates or slabs. After this, a meeting was needed in which the new tax rates-tax slab changes will be discussed in detail and the tax rates will be brainstormed.
Why did the GoM need to discuss?The 54th meeting of the GST Council held on 9 september 2024 (Monday) was chaired by Finance minister Nirmala Sitharaman. Many big decisions were approved in this meeting. In this meeting, it was decided to reduce GST on cancer medicines, helicopters for religious tourism and some types of snacks. After this, the average GST rate of about 12 percent has come below the revenue neutral rate of 15.3 percent. This has led to the need to start a discussion on rationalizing the GST rate. Currently, Goods and services Tax (GST) or GST is a four-level tax structure with 5, 12, 18 and 28 percent slabs.
In fact, during the meeting of the panel of ministers in august, the Fitment Committee comprising tax officials of the Center and the states was tasked with collecting more data. Through this, the task was to give a report analyzing the impact of changes in tax rates on some goods on GST. Now the GoM will discuss on the basis of this report.
Where will the Group of Ministers meet?
The GoM meeting will be held on september 25 and there may be a discussion on rationalizing the GST rate and changes in slabs and rates. An official said that the GoM meeting on rationalizing the GST slab is going to be held in goa on september 25. The Group of Ministers (GoM) headed by bihar Deputy chief minister Samrat Choudhary last met on august 22 and submitted a status report to the GST Council on september 9. The Group of Ministers comprised six ministers.