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Group of Ministers to meet on Nov 27 to discuss changes in GST slab structure

Group of Ministers to meet on Nov 27 to discuss changes in GST slab structure

Review of current tax slabs rates and simpler structure to be discussed.

The GoM is headed by Karnataka Chief Minister Basavaraj Bommai The GoM is headed by Karnataka Chief Minister Basavaraj Bommai

A Group of Ministers (GoM) is scheduled to meet on November 27 to discuss options to rationalise some rates and also changes to the slab structure of the Goods and Services Tax (GST).
 
The GoM, headed by Karnataka Chief Minister Basavaraj Bommai, is expected to discuss these measures with an eye to simplify and rationalise the GST slabs.
 
As part of this exercise, the committee may consider proposing the merger of the existing 12 and 18 per cent rate slab.
 
A proposal to hike the tax rate on various items including gold and silver to 5 per cent from the existing 3 per cent is also likely to be discussed at the meeting.
 
"Many opinions are on the table and will be discussed formally at the meeting," said, a source in the know.
 
The GoM’s recommendations will be sent to the GST Council, which is likely to meet in December to consider the proposals.
 
The GST Council meeting will take place in the backdrop of increasing GST revenue collections over the past few months.
 
Recently, Union Revenue Secretary Tarun Bajaj had said that GST revenues, which crossed Rs 1.30 lakh crore in October, are looking good and would remain robust in the coming months.

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