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 the rates of GST is expected to be discussed.
Meeting 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. This group has been formed to take a decision on rationalizing the rates of GST, which is headed 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 that the GST slabs should be changed and the rates should be made logical. Currently, there are four slabs of tax under GST. Those four slabs are 5%, 12%, 18% and 28%. There is a provision of 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 held this month
Earlier, the 54th meeting of the GST Council was held at the beginning of this month. The GST Council is the topmost body that takes decisions in the matter of indirect tax. A decision on rationalizing GST rates was expected in this meeting of the GST Council. The group of ministers formed for GST rate rationalization had presented two status reports in the council meeting.
Tax will be decided on so many goods
It is being told that the item-by-item rate will be reviewed in the meeting of the group of ministers 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 goods may increase and in the case of some, the rates may decrease. The focus of the group of ministers will be on the fact that the change in GST rates should not have much impact on those goods which are consumed by people on a large scale. The increase or decrease in GST rates has a direct impact on the market price of the related goods.
Next meeting of GST Council in November
Whatever decision is taken in this meeting of the group of ministers, it will be presented in the next meeting of the GST Council. The final decision on any change will be of 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.
Also read: You may have to pay 18% GST on payments up to Rs 2000, companies are in a panic
