GST Council meeting June 2024: Key expectations on revision in tax slabs and exemptions
The upcoming GST Council meeting scheduled for June 22 has sparked considerable interest in the market. Many are hopeful that significant changes may be announced, especially given its timing just before the Budget.
Experts anticipate a review of the GST slabs, with discussions centered around potentially reducing the number of slabs from four to three.
There is a expectation that the 12% slab might be eliminated, with items being redistributed into the 5% and 18% slabs. This move could streamline tax rates and simplify compliance for businesses.
CNBC-TV18 learns that fertilisers may not be fully exempt from GST because the industry is complaining that it will lead to duty inversion and therefore a locking up of capital.
