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GST Council Proposes An End To 5% Rate And Move It To 3% And 8% Tax Slab: Report

With most states on board to raise revenue so that they do not have to depend on Centre for compensation, the GST Council at its meeting next month is likely to consider a proposal to do away with the 5 per cent slab by moving some goods of mass consumption to 3 per cent and the remaining to 8 per cent categories, sources said.

Karnataka , India , Basavaraj-bommai , Services-tax , Gst-council-proposes-an-end , Tax-slab , Karnataka-chief-minister-basavaraj-bommai , Business , Gst-tax-changes , Gst-tax , Gst-tax-slab , Gst-tax-slabs

GST Council may look at raising lowest slab to 8%, rationalise tax slabs

The GST Council in next meet may look at raising the lowest tax slab to 8%, from 5%, and prune the exemption list in the GST regime.

Karnataka , India , Basavaraj-bommai , Services-tax , Union-finance-minister , Karnataka-chief-minister-basavaraj-bommai , Gst-council , Goods-and-services-tax , Gst , Gst-tax-slabs , Tax-slabs , Fm-sitharaman

GST Council may take up rationalising tax rates, slab merger in next meet

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Govt backs merger of 2 tax slabs in GST

Govt backs merger of 2 tax slabs in GST
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The central government is in favour of merging the goods and services tax (GST) rates of 12% and 18% into a single slab, a top finance ministry official said, acceding to a demand first made by some states and endorsed by the Fifteenth Finance Commission (FFC).
GST Council, India’s federal indirect taxes body, may discuss the matter at its meeting in March, the official added.
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. 13 Apr 2021
Apart from special rates of 0.25% and 3% on precious stones and metals, India currently has four primary GST rates of 5%, 12%, 18% and 28%. There is also a cess on luxury and demerit goods such as automobiles, tobacco and aerated drinks.

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GST rate: New tax brackets bring good news; most food items, milk, electricity to be cheaper from July 1

GST rate: New tax brackets bring good news; most food items, milk, electricity to be cheaper from July 1
GST rate: New tax brackets bring good news; most food items, milk, electricity to be cheaper from July 1
GST Is Scheduled To Be Rolled-out As The All-powerful GST Council On Thursday Finalised Tax Rates For The Bulk Of The Items. As Per The List Of Uploaded On CBEC Website Late On Thursday Night, The Council Has Fitted Most Items In 5, 12, 18 Or 28 Per Cent Tax Brackets. While Some Items Have Been Exempted From Any Tax, Some Items Like Cars And Pan Masala Will Attract Top Rate And Also A Cess.

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