Three panels of State Finance Ministers meet on 20 and 21 August to review the draft of GST reforms of the next generation, including proposals to rationalize tax system. The panel, called a group of ministers (GOM) established by the goods and service tax (GST) Council to see rate rationalization, insurance and compensation cess.
Revised GST system discussion by State Finance Ministers
PM Modi said on Sunday that the revised GST system proposed by the Center released in the states. He sought his cooperation to implement the proposal before Diwali. According to a report by Money Control, the recommendations of Three Gomes taken to the GST Council, which is expected to meet the tax reform proposal next month to discuss.
What does the revised GST framework offer?
State Finance Ministers plan on proposal to improve the GST law during his Independence Day speech on August 15 from the ramparts of the Red Fort.
Current GST tax rates of Nil/0 on required foods, 5 % on daily use products, 12 % on standard goods, 18 % on electronics and services and 28 % on luxury and sin goods replaced by a special 40 % top bracket for two tax slabs and 18 % and 5 to 7 demerit goods.
If approved by the GST Council, the two-slab regime will remove the current four slabs with 12% and 28% slab. 99% items in 12% category, such as butter, fruit juice and dry fruit, will move at 5% tax rate.
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