CII seeks early GST rate rationalisation in meeting with FM
Ahead of the goods and services tax (GST) council meeting, industry body CII on Tuesday sought early conclusion of the rate rationalisation process in a meeting with finance minister Nirmala Sitharaman, sources said.
In the meeting on further GST reforms, the industry body also suggested subsuming all petroleum products under GST, relaxations in input tax credit to ease working capital issues and streamlining of audit processes, sources said.
The GST Council may meet in June or July with a heavy agenda to discuss the much-awaited rate rationalisation, simplification and the future of compensation cess.
The Council, chaired by finance minister, will examine the group of ministers (GoM) report on rate rationalisation to give further relief to people through rate reductions and rejig of the number of slabs. The GoM headed by Bihar deputy chief minister Samrat Chaudhary submitted its report in December 2024.
On the table would also be a proposal to reduce the health and life insurance tax rate to 5% from 18% while retaining the input tax credit.
