GST Rate Rationalisation: GoM Discusses Removing 12% Slab, Next Meeting on October 20
The group of ministers (GoM) on GST rate rationalisation, led by Bihar Deputy Chief Minister Samrat Chaudhary, has discussed tax rate tweaks on over 100 items, including lowering taxes on certain goods from 12 per cent to 5 per cent, to give relief to the common man, West Bengal Finance Minister Chandrima Bhattacharya said on Thursday.
The next meeting of the GoM is scheduled on October 20, Bhattacharya said, adding that rationalising taxes on bicycles and bottled water will be part of the discussion.
The six-member Group of Ministers (GoM), which had met on Wednesday, also took up the issue of tax rate cut on medical and pharma-related items in the 12 per cent slab and decided to discuss it in its meeting next month.
To make good the revenue loss that will be incurred on account of lowering the tax rate on such items, the GoM also discussed the possibility of raising tax rates on some items, including aerated water and beverages, from the current 28 per cent GST, plus cess.
