GST Meeting: The central government can soon take a big decision regarding the GST slab. The meeting of the Group of Ministers regarding GST rates will be held on June 17. In this meeting, the government can consider changing the tax rates. Sources said that the Group of Ministers (GoM) may consider possible changes in the tax slabs. However, the final report of the group will take some more time.
Government may reduce tax slab
According to media reports, the government is in the process of reducing the GST slabs from 4 to 3. The meeting of the GST Council will be held this month.
State finance ministers will be involved
The interim report of the GoM on rationalization of rates, among other things, will be considered in the meeting to be held on June 17. The Finance Ministers of the Center and the states are included in the GST Council.
Earlier the meeting was held in November 2021
Earlier, sources in the Finance Ministry had said that with inflation being at a high level, there is hardly any scope for rationalization of GST rates on goods and services. The council had last year constituted a seven-member group of ministers from the states under the chairmanship of Karnataka Chief Minister Basavaraj Bommai. The group has to suggest ways to increase revenue by rationalizing tax rates. The last meeting of the GoM was held on November 2021.
How much is the tax now?
Let us tell you that at present there are four slabs under GST. In this, some essential items are exempted or the lowest tax is levied at the rate of five percent, while the highest tax of 28 percent is levied on the comfortable and injurious items from the point of view of the society. Apart from this, a cess is also levied on the goods falling under 28 per cent GST.