24.11.2021- Fitment committee proposes raising multiple GST slabs. Check details

The Goods and Services Tax (GST) fitment committee has proposed raising multiple tax slabs under the regime. Sources suggest that the fitment committee has proposed raising the 5 per cent tax slab to 7 per cent and the 18 per cent slab to 20 per cent.

It is exploring the possibility of merging the 12 per cent and 18 per cent tax slab into one single slab at 17 per cent.

The fitment committee has also proposed increasing the GST on precious metals like gold and silver from 3 per cent to 5 per cent.

However, all of these are initial proposals which will be examined further before any formal decision is taken with respect to GST slabs. The proposal will depend on a November 27 meeting where a group of ministers (GoM) will finalise views on rate structure and rationalisation of slabs.

A report prepared by the group will be submitted to the GST Council for consideration after the meeting. The proposed changes will then be discussed by the GST Council at its next meeting in December.

SOURCE: INDIA TODAY

https://www.indiatoday.in/business/story/fitment-committee-proposes-raising-multiple-gst-slabs-check-details-1879851-2021-11-23

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