GoM fails to reach consensus on GST rate rationalization


PTI, Jun 17, 2022, 7:49 PM IST

Representative Image (Source: Shutterstock)

A panel of state ministers on GST rate rationalization on Friday failed to reach a consensus as some members opposed changes to tax slabs and rates, sources said.

The Group of Ministers will, however, present a status report to the GST Council on the consensus which was arrived upon at the previous meeting of the GoM on November 20, 2021, they added.

The GoM will seek an extension to submit its final report, they said, adding issues of tax rates will also be raised in the upcoming Council meeting later this month.

The GST Council, chaired by Finance Minister Nirmala Sitharaman, is scheduled to meet on June 28 and 29 in Srinagar.

The Council had last year set up a seven-member panel of state ministers, headed by Karnataka Chief Minister Basavaraj Bommai, to suggest ways to augment revenue by rationalizing tax rates.

The GoM has been mandated to review items under an inverted duty structure to help minimize refund payout and review the GST exempt list with an objective to expand the tax base and eliminate breaking of the input tax credit (ITC) chain.

Under GST, a four-tier structure exempts or imposes a low rate of tax of 5 percent on essential items and levies the top rate of 28 percent on cars and demerit goods. The other slabs of tax are 12 and 18 percent.

Besides, a cess is imposed on the highest slab of 28 percent on luxury, demerit, and sin goods.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Jayant Patil claims BJP used irrigation ‘scam’ to blackmail Ajit Pawar; Fadnavis, NCP chief hit back

Medical College expels 5 MBBS students from hostel for ragging juniors

Insulting women is in DNA of Cong leaders, alleges Jharkhand BJP

Man arrested from Delhi for calling up Pappu Yadav posing as aide of Lawrence Bishnoi

Tejasvi Surya hits out at Kharge, CMs of Cong-ruled states over poll promises

Farooq Abdullah seeks inquiry into spike in terror attacks in Valley since Omar’s swearing-in

Sabarimala pilgrims to get free insurance coverage of Rs five lakh

Related Articles More

Jayant Patil claims BJP used irrigation ‘scam’ to blackmail Ajit Pawar; Fadnavis, NCP chief hit back

Medical College expels 5 MBBS students from hostel for ragging juniors

Insulting women is in DNA of Cong leaders, alleges Jharkhand BJP

Man arrested from Delhi for calling up Pappu Yadav posing as aide of Lawrence Bishnoi

Shah Rukh Khan turns 59, fans wait outside Mannat to catch superstar’s glimpse

MUST WATCH

Gho Pooja in Deepavali Festival

Melukote Deepavali

Ganapathi Co-operative Society Ltd

Udayavani Chinnara Banna 2024

Annapoorna Aahar | Food Places In Mysore


Latest Additions

Jayant Patil claims BJP used irrigation ‘scam’ to blackmail Ajit Pawar; Fadnavis, NCP chief hit back

Medical College expels 5 MBBS students from hostel for ragging juniors

Insulting women is in DNA of Cong leaders, alleges Jharkhand BJP

Man arrested from Delhi for calling up Pappu Yadav posing as aide of Lawrence Bishnoi

Tejasvi Surya hits out at Kharge, CMs of Cong-ruled states over poll promises

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.