Quick Summary
The Group of Ministers (GoM) on GST rate rationalisation has agreed to the Centre's proposal for a simplified two-slab structure of 5% and 18%, replacing the current four-tier system. The panel, headed by Bihar Deputy Chief Minister Samrat Choudhary, has also endorsed the removal of the 12% and 28%
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FAQ :
The GoM has agreed to a simplified two-slab GST structure, proposing rates of 5% and 18%, replacing the current four-tier system.
Yes, a new 40% GST slab has been proposed for ultra-luxury and 'sin' goods such as tobacco, pan masala, and luxury cars.
The 40% rate is intended to ensure higher taxation on products with a negative social impact and goods primarily consumed by the wealthy.
Yes, several state finance ministers have expressed concerns about potential revenue losses due to the merging of slabs and are pushing for safeguards.
The GoM's recommendations will be submitted to the GST Council, which will deliberate on the proposals in its next meeting, likely in September or early October.
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