GST Rate Update: People can get some relief news regarding GST. In fact, the Group of Ministers (GOM) formed for the rationalization and review of GST rates is in favor of abolishing the 12 percent GST slab rate. The members of the Group of Ministers are of the view that of the items on which 12 per cent GST is charged, its share in the total GST collection is only 8 per cent. In such a situation, 12 percent GST can be abolished. It is expected that a decision on this can be taken in the meeting.
12 percent slab will end!
In fact, at present, butter, ghee, fruit juices, almonds, footwear below Rs 1,000, processed foods, cellar wire heaters and hotel rooms up to Rs 1,000 attract 12 per cent GST. In such a situation, if this recommendation is approved, then the slab will be over. However, let us tell you that the final decision on any change in the GST slab will be taken in the meeting of the GST Council. Let us tell you that Karnataka Chief Minister Basavaraj Bommai is the chairman of this group of ministers. Those who have been entrusted with the responsibility of rationalization of GST rates, merger of GST slabs, and review of the GST exemption list.
Will be discussed in GoM
Significantly, in the meeting of the GST Council in June 2022, this committee was given three more months to submit its recommendations. After this, a meeting of the Group of Ministers is going to be held this month in which these issues are expected to be discussed. At present, there are four slabs of GST which include 5 per cent, 12 per cent, 18 per cent and 28 per cent. Apart from this, 1.5 and 3 per cent tax is levied on cut diamonds and jewellery. If the GST slab ends, then people can get a big relief.