GST Tax Slab: A meeting of the Group of Ministers (GoM) is going to be held today on rationalization of GST rates ahead of the important meeting of the GST Council on September 9. This will be the first meeting of this group of ministers from 7 states.
The convener of this meeting is Bihar Deputy Chief Minister Samrat Chaudhary. Other members attending it include West Bengal Finance Minister Chandrima Bhattacharya, Karnataka Revenue Minister Krishna Byre Gowda, Kerala Finance Minister K. N. Balgopal, Uttar Pradesh Finance Minister Suresh Kumar Khanna, Goa Transport Minister Mauvin Godinho, Rajasthan Medical and Health Services Minister Gajendra Singh.
GST Council had entrusted the work to the group of ministers in June
In the meeting of ministers to be held today, the progress so far and future action will be taken into consideration. The GST Council, in its last meeting in June, had tasked the Group of Ministers to submit a draft report on steps taken to rationalize GST rates.
This will include the status of the work done so far and pending work by the committee. The Group of Ministers has been tasked with suggesting required rate rationalization and reforms in the inverted duty structure with a view to simplifying the GST rate structure, reviewing the GST exemption list and enhancing GST revenue.
Currently there are 5 different tax slabs in GST system
The current GST system has 5 different tax slabs of 0, 5, 12, 18 and 28 percent. Apart from GST, the highest cess i.e. cess of 28 percent is imposed on things related to luxury (luxury) and vices (tobacco, alcoholic beverages etc.).
The GST Council will discuss the way forward to rationalize the GST rate in its 54th meeting on September 9. The GST Council, comprising the finance ministers of the Center and the states, is the biggest decision-making body regarding GST. It is working from July 1, 2017.
