GST Rate to be enhanced to 7%/8% from current 5% and 20% from current 18%?
The Goods & Service Tax (GST) Council has nominated a Group of Members (GoM) to meet on rate rationalization. The Meeting will be held on June 17. Karnataka CM Basavaraj Somappa Bommai will chair this meeting.
In that meeting, the GoM will discuss the proposal to shift GST rate slabs from the current 5% to 7%/8% and from 18% to 20%.
There are other proposals related to the correction of Inverted Duty Structure on Textiles, pruning list of GST Exemptions, etc. as well on charts.
As per sources, this time the report of GoM will be finalized if dissent is not made by the States Rajasthan, West Bengal, and Kerala.