The fitment committee under the Goods and Services Tax (GST) Council, comprising central and state officials, has begun a rate rationalisation exercise afresh, checking the possibility of dropping some of the rates, particularly the 12 per cent slab, to achieve a revenue-neutral structure, a senior official with direct knowledge of the matter told Business Standard.
The GST regime could see an overhaul in the current financial year (FY25) as it may move to a three-slab structure from the existing four.
The current rate structure comprises standard rates of 5 per cent, 12 per cent, 18 per cent, and the highest rate of 28 per cent. Besides, it has zero and special rates for certain goods and services.
Read more at: Business Standard
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