look news india
People have been waiting for a long time for a change in the rates of indirect tax i.e. GST. Now this long wait may end soon. A group of ministers is going to meet this week, in which the much-awaited issue of rationalizing GST rates is expected to be discussed.
The meeting is starting in Goa from Tuesday
This meeting of the Group of Ministers is starting on Tuesday 24 September this week and will continue till 25 September. This meeting of the Group of Ministers is going to be held in Goa. The group has been formed to take a decision on rationalizing the GST rates, which will be chaired by Bihar Deputy Chief Minister and Finance Minister Samrat Chaudhary.
Currently these are the 4 tax slabs under GST
In fact, for a long time there has been a demand for changes in the GST slabs and rationalization of rates. Currently there are four slabs of tax under GST. Those four slabs are 5%, 12%, 18% and 28%. There is a provision to levy a separate cess on some luxury and sinful items. There has been a demand to reduce the number of GST slabs from 4 to 3.
GST Council meeting this month
The 54th meeting of the GST Council was held earlier this month. The GST Council is the highest decision-making body in the matter of indirect taxation. The GST Council meeting was expected to take a decision on rationalizing GST rates. The group of ministers formed to rationalize GST rates presented two status reports in the council meeting.
Tax will be fixed on so many items!
It is being told that the item-by-item rate will be reviewed in the Group of Ministers meeting to be held in Goa. 70 to 100 items will come under the scope of this review. After the review, the tax rates on some of those items may increase and in some cases the rates may decrease. The Group of Ministers will focus on ensuring that the change in GST rates does not have a major impact on the goods that are consumed by people on a large scale. The increase and decrease in GST rates has a direct impact on the market price of the concerned goods.
The next meeting of the GST Council will be held in November
Whatever decision is taken in this meeting of the Group of Ministers, it will be placed in the next meeting of the GST Council. The final decision on any change will be taken by the GST Council. The next i.e. 55th meeting of the GST Council will be held in the month of November. The GST Council is chaired by Union Finance Minister Nirmala Sitharaman.