GST Council meeting will be held on December 31, discussion can be held on GST rates

GST Council Meeting Update: The 46th meeting of the GST Council will be held on Friday, December 31, 2021, under the chairmanship of Finance Minister Nirmala Sitharaman. It is believed that in this meeting, discussions can be held regarding rationalization of GST rates. This meeting will not be virtual but will be sitting face to face.

In this meeting, the report of the panel of finance ministers on rationalization of GST rates can be discussed. Also, the GST rates applicable on some items can be improved, in fact, there is a pre-budget meeting with the Finance Ministers of the states on Thursday, the next day a meeting of the GST Council is going to be held.

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The panel of state finance ministers is expected to submit its report on rationalization of rates in the GST Council meeting to be held on December 31. can go At the same time, the Fitment Committee of Tax Officers of the Center and the States has made several recommendations to the Group of Ministers regarding changes in GST rates and changes in slabs.

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At present, there are four slabs of GST rates, 5 per cent, 12 per cent, 18 per cent and 28 per cent. The required items are either in the lowest slab or there is no tax on them. Luxury and demerit items are in the highest slab, which also attracts cess. There is a demand to make one slab by combining 12 per cent and 18 per cent slabs of GST. At the same time, the finance ministers of the states are opposing the increase in the GST on textiles from 5 percent to 12 percent.