GST GoM Meet: Karnataka Chief Minister Basavaraj Bommai is presiding over the meeting of the Group of Ministers to reduce tax slabs. In this meeting, West Bengal Finance Minister Amit Mitra, Kerala Finance Minister KN Balagopal, Bihar Deputy Chief Minister Tarkishore Prasad and other members are also with him.
In July next year, it will be 5 years since the implementation of GST. In such a situation, for the last few years, there has been a continuous demand that the rate of 12 and 18 percent of GST should be combined into one. Along with this, there is also a demand to change the rates on many other things to increase the income through GST.
Committee will give report in so many days
The GST Council, chaired by Finance Minister Nirmala Sitharaman, has constituted a Group of Ministers regarding this matter in a meeting held on September 17.
The seven-member committee was to submit its report on the matter in two months. After the meeting of the Group of Ministers, the decision will be handed over to the GST Council, which can be discussed and decided in a possible GST Council meeting at the end of December.
current situation
In the current system of GST, mainly essential goods are either not taxed at all or GST is charged at the lowest rate of 5 per cent. On the other hand, the highest rate of 28 per cent GST is levied on luxury items. There are also two medium rate slabs of 12 and 18 per cent.
In Saturday’s meeting, the Group of Ministers may include such items in the tax net which are tax free. Along with this, the rates of many items can also be increased and decreased so that the effect on revenue after corona can be adjusted.
These are the rates on things
According to the data, excluding the negative list, about 1200 items are included in GST. Of these, 22 per cent items are under 5 per cent, 18 per cent items under 12 per cent, 47 per cent items under 18 per cent and only 29 items are under 28% GST.
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