GST Slabs: Recently, it was reported that the government is considering a proposal to abolish the tax slab of five percent in the meeting of the Goods and Services Tax (GST) Council to be held next month.
In this it was said that some high consumption products can be put in the slab of 3% and the rest in the slab of 8%. Now the government has issued its statement on this.
GST Latest Update: The government’s statement has now come to the fore on the news of increasing the tax slab of 5% to 8% in the meeting of the GST Council. The government has completely denied this news.
According to news agency ANI, government sources said that there is no such proposal, this news is speculation and there is no truth in it. Let us tell you that the meeting of the GST Council is going to be held next month.
Speculation of increasing the GST slab!
In fact, it was recently reported that the government is considering a proposal to abolish the tax slab of five percent in the meeting of the Goods and Services Tax (GST) Council to be held next month.
In this it was said that some high consumption products can be put in the slab of 3% and the rest in the slab of 8%. It was also said in this that most of the states have a consensus on increasing the revenue, so that they do not have to depend on the Center for compensation.
There are four slabs in GST
At present, there are four tax slabs of 5, 12, 18 and 28 per cent in GST. In addition, gold and gold ornaments attract a tax of three per cent. Apart from this, there are some unbranded (unbranded) and unpacked (unpacked) products which do not attract GST.
Sources said that in order to increase revenue, the council may decide to cut the list of exempted items by bringing some non-food items in the three percent slab.
The GST compensation system is going to end in June. In such a situation, it becomes necessary that the states become self-reliant and do not depend on the Center to compensate for the revenue gap in GST collection.
The council had last year constituted a committee of state ministers, headed by Karnataka Chief Minister Basavaraj Bommai, to suggest ways to increase revenue by rationalizing tax rates and removing anomalies in the tax structure.
The Group of Ministers is likely to give its recommendations early next month. The next meeting of the GST Council is likely to be held in mid-May, in which the recommendations of the Group of Ministers can be placed.
