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A group of ministers (GoM) approved, in principle, the Union government’s proposal to reduce the number of Goods and Services Tax (GST) brackets from four to two main slabs in order to substantially reduce tax burden on the consumer, although some of the ministers expressed concerns over the revenue implication of the move and sought ways in which the states could be compensated.
The long-awaited revamp of Goods and Services Tax (GST) has moved a step closer with the Group of Ministers (GoM) on GST rate rationalisation agreeing to cut down the number of slabs.
The government is weighing a major overhaul of GST slabs that could bring immediate relief to middle- and lower-income households, with the 12% tax category on daily-use goods potentially on the chopping block.
The GST Council is likely to soon consider the slabs of the GST. As per a new report, the Council may reduce the GST slabs from four to three, doing away with the 12 per cent GST rate.
The fitment committee under the 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.
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