The Group of Ministers (GoM) headed by Finance Minister Nirmala Sitharaman will be holding a meeting to review and finalize the Goods and Service Tax (GST) Rate rationalisation on June 17.

The proposal will also focus on the merger of the GST slab.

Earlier last month, PTI sources had reported that a GST tax rate rationalisation is likely to be delayed due to elevated inflation.

The Goods and Services Tax (GST) regime taxes goods and services in four tax slabs of 5 per cent, 12 per cent, 18 per cent and 28 per cent. It was being considered to reduce these tax slabs possibly to 3, an exercise which would have involved raising taxes in some items and a reduction in others. But with inflation rate ruling at all-time high, such an exercise is likely to be delayed, sources said.

Source: The Economic Times
https://economictimes.indiatimes.com/news/economy/policy/gom-meet-on-gst-rate-rationalisation-to-be-held-on-june-17/articleshow/92225173.cms

                                         For more News like this, Subscribe TAXO today