Update on GST rates: This is good news for the public. In fact, the Group of Ministers (GoM) constituted for the rationalization and review of GST rates is in favor of abolishing the 12 percent GST slab rate. The members of the GoM are of the view that of the items on which 12 percent GST is levied, its share in the total GST collection is only 8 percent. In this case, the 12 percent GST can be eliminated. Hopefully, a decision can be taken on this in the meeting.
12 percent slab will end!
In fact, at present, 12 percent GST is levied on butter, ghee, fruit juices, almonds, footwear below Rs 1,000, processed food, cellar wire heaters, and hotel rooms up to Rs 1,000. In this case, the session will be over if this recommendation is accepted. However, allow us to inform you that the GST Council meeting will be where the final decision about any modification to the GST slab will be made.
Let us inform you that Basavaraj Bommai, the chief minister of Karnataka, is the leader of this group of ministers. Those entrusted with the responsibility of rationalization of GST rates, the merger of GST slabs, and review of GST exemption list.
It will be discussed in GoM
Significantly, in the meeting of the GST Council in June 2022, this committee was given three more months to give its recommendations. Following that, this month’s meeting of the Group of Ministers will take place, and it is anticipated that these problems will be discussed there. The current GST rate structure consists of four slabs: 5%, 12%, 18%, and 28%.Apart from this, cut diamonds and jewelery attract a tax of 1.5 and 3 percent. If the GST slab is abolished then people can get a big relief.
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