Big changes are going to happen in GST! Know what can be expensive and cheap

GST is a tax that is the same throughout the country, making the tax system easier. There has been talk of changing the GST rates for quite some time, and it is now expected that a decision will be made on this in the upcoming group meeting.

The tax that is applied uniformly throughout the country, GST rates have been subject to change for a long time. A meeting of a group of ministers is scheduled to take place this week, and it is expected that this issue will be discussed and changes will be made to the GST rates.

This meeting of the ministerial group is scheduled to take place on Tuesday, September 24, and will continue until September 25. The meeting will be held in Goa. This group has been constituted to make a decision on making GST rates logical, led by Bihar’s Deputy Chief Minister and Finance Minister, Sushil Modi.

GST Slab and Rates

Currently, there are four GST slabs in the country, with rates of 5%, 12%, 18%, and 28%. There is now a demand to reduce these slabs.

States Opposing the Change in Slabs

West Bengal and Karnataka are not in favor of changing the slabs. In the last meeting, West Bengal’s Finance Minister, Chandrima Bhattacharya, said, “I have said that there should be no change in GST slabs.” Karnataka’s Revenue Minister, Krishnabaiyer Gowda, has also expressed opposition to this.

Item-wise Rate Change

The ministerial group will discuss item-wise rates in their meeting. After this meeting, tax rates on some items may increase, while those on others may decrease. The ministers’ group will focus on ensuring that the change in GST rates does not affect items that are widely consumed.

GST Council to Take Decision

Whatever decision is taken in the meeting will be presented in the next GST Council meeting. The final decision will then be taken by the GST Council. The 55th meeting of the GST Council is scheduled to take place in November. The GST Council is chaired by Union Finance Minister, Nirmala Sitharaman.