The goods and services fitment committee seem to meet today to check the proposal of the GST slab mergers.
A group of ministers (GoM) on the GST rate rationalizing might later this week meet when there is a requirement under the Fitment committee’s discussion. “Fitment committee has been meeting over various issues and will soon submit the review report to Group of Ministers on rate rationalisation, as per the final discussion.”
When the GoM on the rate rationalization agrees with what the Fitment committee recommends, then they would provide their final report to the GST official and the last decision would be chosen by the GST official.
Government officials mentioned that “We were supposed to meet in February, but due to the global situation and elections in various states, we had to delay this meeting. Following our meeting, the GST Council will take a call on the recommendations made by the group of ministers (GoM),”
The GoM has met only two times since its constitution in September 2021. The meet is led by Karnataka Chief Minister, Basavaraj Bommai, the GoM has been unable to reveal the result of deliberation upon change and rationalizing the GST rates.
Last December, the 46th GST official meet has been cancelled to raise the GST rates for most textiles products in the man-made value chain from 5 to 12%. During the identical time, the official has not taken back their decision on rising the GST for low-cost footwear.
The industry looks that government might ask for a single 15% GST slab by combining the existing 12% and 18% slabs. The 15th finance commission led by the former bureaucrat N.K. Singh had also asked for a three-slab GST rate structure.
