Chief Minister Basavaraj Bommai, who manages the Group of Ministers on Goods and Services Tax (GST), chaired a meeting on the cost of rationalization and the methods towards revenue augmentation. GoM furnished the report in the month. It specified in the discussion that the virtual meet runs for 4 hours on Friday.
Under the date, there are multiple GST slab rates comprising four mains 5%, 12%, 18%, & 28%, and some special rates such as 0%, 0.25%, and 3%. So as to diminish the rate there was an idea that lasts for a long time and one plan was to combine 12% and 18% and fix the consolidated rate with 15%. The GoM indeed said several integrations and the tax rates upon the distinct raw material specified by the sources.
Union FM Nirmala Sitharaman said that the GoM to suggest the rationalization measures that consist of integrating the tax rates structure to have an easier tax structure. On the date, 24 Sept GoM was initiated and urged to furnish its report within 2 months. The meeting gets late as Mr Bommai was somewhere busy campaigning the byelection.
Subsequent Meeting
The source has specified that the GoM report will be available prior to the subsequent meet of the GST council to make the council continue the discussion upon the suggestions of the report and choose the action needed to be taken. The subsequent GST council meet seems to be held at the finish of December.
FM of distinct states, the authorities of the Union Finance ministry along with the officials of the Finance departments of several states has been tended the meeting and recommend on the rationalization of the framework of the tax. Mr Bommai is urged to chair additional meetings to raise the consensus upon the cost of rationalization as specified.
