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GST Council may take up rationalising tax rates, slab merger in next meet
PrintThe next Goods and Services Tax (GST) Council meeting in March will likely take up rationalising tax rates and mergers of multiple slabs to bring them close to being revenue-neutral and make the indirect tax regime simpler.
The meeting, whose date is yet to be set, will come at a time when the 15th Finance Commission has recommended merging the 12 and 18 per cent tax rates.
GST Council, India’s federal indirect taxes body, may discuss the matter at its meeting in March, the official added.
Apart from special rates of 0.25% and 3% on precious stones and metals, India currently has four primary GST rates of 5%, 12%, 18% and 28%. There is also a cess on luxury and demerit goods such as automobiles, tobacco and aerated drinks.
“There have been discussions regarding the merger of the two tax slabs. It could be taken up for consideration in the next (GST) Council meeting in March. States also need to agree,” the official cited above said on condition of anonymity.
The meeting, whose date is yet to be set, will come at a time when the 15th Finance Commission has recommended merging the 12 and 18 per cent tax rates.
GST Council, India’s federal indirect taxes body, may discuss the matter at its meeting in March, the official added.
Apart from special rates of 0.25% and 3% on precious stones and metals, India currently has four primary GST rates of 5%, 12%, 18% and 28%. There is also a cess on luxury and demerit goods such as automobiles, tobacco and aerated drinks.
“There have been discussions regarding the merger of the two tax slabs. It could be taken up for consideration in the next (GST) Council meeting in March. States also need to agree,” the official cited above said on condition of anonymity.
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