Quick Summary
The Group of Ministers (GoM) on Goods and Services Tax (GST) rate rationalisation met on Saturday to discuss significant tax adjustments aimed at easing the financial burden on consumers. The GoM, chaired by Bihar Deputy Chief Minister Samrat Chaudhary, has proposed a reduction of GST rates on essential items such as 20-litre packaged drinking water bottles, bicycles, and exercise notebooks to 5%, down from their current rates of 18% and 12%, respectively. Key Changes Proposed Lowered Tax Ra
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FAQ :
The GoM has proposed reducing the GST on 20-litre packaged drinking water bottles and bicycles priced below £10,000 from their current rates to 5%.
The GoM suggests increasing GST to 28% on shoes priced above £15,000 and wristwatches above £25,000.
The proposed rate rejig is anticipated to generate an additional revenue of £22,000 crore.
The current GST structure features four tiers: 5%, 12%, 18%, and 28%.
The average GST rate has dipped below the revenue-neutral rate of 15.3%, making discussions on rate rationalisation urgent.
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