Union Finance Minister Nirmala Sitharaman on Monday (September 16) said the Narendra Modi government is exploring further rationalisation of GST rates to simplify the tax structure and potentially reduce rates.

Speaking at the News18 India Chaupal event with Network18 Group Editor-in-Chief Rahul Joshi, Sitharaman stated that a group of ministers (GoM) is working on recommendations to streamline the GST framework, including placing essential goods in the lowest tax category.

“The group of ministers is working on it about GST. There are two things, one, to bring the rates down, further simplify it and put essential goods into one category, which is the lowest,” Sitharaman said. The recommendations from the group will be reviewed by the GST Council, which will decide on further actions.

India’s current GST structure includes five different slabs, unlike several countries that operate with fewer rates. The rationalisation effort is aimed at improving clarity and stability for businesses and consumers.

Speaking on the controversy surrounding Madhabi Puri Buch, Sitharaman said that SEBI Chairperson and her husband Dhaval Buch are addressing a few of the allegations against them with factual responses.

The minister stated, “I think a few of the allegations are being answered by the Buchs. Putting out facts to contradict allegations by Congress, I think the facts are to be taken on board.”

Source: CNBC TV 18