Quick Summary
The Group of Ministers (GoM) on GST rationalisation is evaluating a proposal to reduce the tax rates on essential agricultural inputs, including drip irrigation systems, fertilisers and pesticides. Finance Minister Nirmala Sitharaman made this announcement in Parliament on March 25 during her reply to the discussion on the Finance Bill. GST Rates on the Food Sector Also Under Review The panel is also assessing GST rates on food-related items, a move that could provide significant relief to c
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FAQ :
The proposal under review includes essential agricultural inputs such as drip irrigation systems, fertilisers, and pesticides.
A Group of Ministers (GoM) on GST rationalisation is evaluating the proposal.
Yes, the panel is also assessing GST rates on food-related items.
The Finance Minister dismissed allegations that GST is regressive, stating that less than 3% of items consumed by the common man attract the highest 28% GST rate.
Yes, the Finance Minister pointed out that the average GST rate has declined to 12.2 percent as of March 2023, compared to 15 percent under the previous indirect tax regime.
The GST compensation cess is being collected to repay loans and is expected to be fully repaid by early 2026.
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