Important meeting of Group of Ministers on GST, no decision on change in tax slab
Important meeting of GST Council will be held on 28th and 29th June.
An important meeting of the Group of Ministers was held today before the meeting of the GST Council. In today’s meeting, discussions were held on GST structure, tax slab merger and bringing exempted products under the ambit of GST.
47th of GST Council meeting ,GST Council Meetings) is going to be held in Srinagar, Jammu and Kashmir on 28th and 29th of this month. Before that today Group of Ministers (Group of Ministers) had an important meeting. In this meeting, a decision was to be taken regarding the reduction in interest rates. According to the report of CNBC Awaaz, in the meeting of the Group of Ministers, the tax slab (GST Tax SlabsA final opinion could not be formed regarding the change. It was decided to reconsider the issue. Ministers of Rajasthan, Bihar, Uttar Pradesh and West Bengal were present in this meeting. Apart from this, ministers of Karnataka, Goa and Kerala government were also present in this meeting. Important decisions will be stamped in the council meeting in the last week of this month.
In today’s meeting, a demand was also made to continue the loss in revenue to the states for more than 5 years. The Goods and Services Tax was implemented across the country on 1 July 2017. The government had promised at that time that for five years, the states would be compensated for the loss in revenue. The whole situation has worsened due to Corona.
Consider these three main points
Three major points were considered in today’s meeting. The first point was that what would be the structure of GST in the coming days. At present, there are dozens of products that fall under the exempt category. There is no tax of any kind on these products. Whether these products should be brought under the purview of GST or not, will also be considered in this regard. The third proposal is related to the merger of GST slabs. At present there are four slabs of GST. First 5 percent then 12 percent, 18 percent and 28 percent. The discussion of merging the slabs of 12 per cent and 18 per cent to 15-16 per cent in between has also been discussed in the past.
Less chance of GST on discounted products at present
At present, there are dozens of such products on which GST is not levied. Most of these are food items. In such a situation, it is being said that if the government imposes tax on them, then the already skyrocketing inflation will get more strength. In such a situation, it is possible that when the meeting of the GST Council takes place, then the Group of Ministers may demand extra time from the Council. At present, all the facts are being considered.