Quick Summary
The six-member Group of Ministers (GoM) on GST rate rationalization, chaired by Bihar Deputy Chief Minister Samrat Chaudhary, is set to convene in Goa on September 25, 2024. The GoM will explore potential revisions to GST slabs, including the highly debated merger of the 12% and 18% tax rates. The meeting comes in the wake of the GoM's last status report, submitted to the GST Council earlier this month. At the moment, there are four main GST tax bands: 5%, 12%, 18%, and 28%, with most basic ite
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
3 Months PLAN
999
(Excl. of GST ₹179)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience.
FAQ :
The GoM is scheduled to meet on September 25, 2024.
The main topic is the potential revision of GST slabs, including the merger of the 12% and 18% tax rates.
The discussion is prompted by the fact that the average GST rate has fallen to approximately 12%, below the revenue-neutral rate of 15.3%, to enhance revenue collection.
States including West Bengal and Karnataka have raised concerns about altering the current GST structure.
Study outcomes are expected by the end of October, with a final decision potentially taking place in November.
CAclubindia
