New Delhi, 21 August (Kiran News). The Group of Ministers (GoM) of the Goods and Services Tax (GST) Council has approved the 5% and 18% GST slabs. Luxury goods will be included in the 40% tax bracket. The proposal has now been sent to the GST Council, which will take the final decision. Currently, there are four GST slabs: 5%, 12%, 18%, and 28%.
On Thursday, the second day of the GoM meeting on rationalising GST rates, insurance taxation, and compensation cess, GoM convener Samrat Choudhary said that they have supported the central government’s proposal. The proposal calls for removing the 12% and 28% GST slabs. He said that all members gave their suggestions on the central government’s proposals, though some states raised a few objections. The matter has been sent to the GST Council for a decision. Samrat Choudhary added that everyone presented their views on the central government’s proposal. The GoM has supported the proposal to abolish the 12% and 28% tax rates.
The ministerial group has been discussing the central government’s ‘next generation’ GST reforms for two days. Bihar Deputy Chief Minister Samrat Choudhary is the convener of the six-member GoM. Other members include Uttar Pradesh Finance Minister Suresh Kumar Khanna, Rajasthan Health Minister Gajendra Singh, West Bengal Finance Minister Chandrima Bhattacharya, Karnataka Revenue Minister Krishna Byre Gowda, and Kerala Finance Minister K. N. Balagopal.
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