The Finance Minister said that the GST council will be discussing rationalising tax rates next month, but that a final decision on changing taxes and slabs will come later.
Reetu | Aug 28, 2024 |
FM Sitharaman says GST Council meet to discuss Rate Rationalisation on Sep 9
Finance Minister Nirmala Sitharaman said on Tuesday that the GST council will be discussing rationalising tax rates next month, but that a final decision on changing taxes and slabs will come later.
She also stated that a compensating cess on luxury and sin goods will be proposed, possibly during the September 9 meeting or later.
The Group of Ministers (GoM) on rate rationalisation, led by Bihar Deputy Chief Minister Samrat Chaudhary, met last week and essentially agreed to keep GST slabs at 5%, 12%, 18%, and 28%.
The panel also directed the fitment committee, a group of tax officers, to examine the implications of changing rates on certain commodities and propose them to the GST council.
“The upcoming GST Council meeting will address the topic of rate rationalisation. There will be a discussion about the topic. A committee of officials will deliver a presentation on rate rationalisation,” Sitharaman told reporters here.
However, a final decision on rate rationalisation will be made at a later meeting, she noted.
The 54th GST Council meeting, led by the Union Finance Minister and attended by state ministers, will take place on September 9.
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