Quick Summary
The Group of Ministers (GoM) on GST rate rationalisation, in its meeting held in Goa on Wednesday, expressed support for reducing the GST rate on education materials from 12% to 5% to provide relief to a broad section of the population. According to a source familiar with the discussions, the panel
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FAQ :
The Group of Ministers (GoM) has proposed reducing the GST rate on education materials from 12% to 5%.
The GoM has reached a consensus to increase GST rates on textiles and apparel items priced above £1,000, from 5% to either 12% or 18%.
The increase is intended to achieve 'revenue neutrality' and bring the weighted average GST rate closer to the revenue-neutral rate (RNR) of 15.5%.
No, the GoM did not address contentious issues such as reducing or exempting GST on health insurance in this meeting.
Other pending matters, including health insurance and the current tax slab structure, will be discussed in the next GoM meetings on October 19 and 20.
A proposal for a three-tier GST structure of 9%, 18%, and 27% is under consideration, which could replace the current four-slab system.
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