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Government has tasked a group of ministers (GoM) headed by Chief Minister of Karnataka, Basavaraj S. Bommai to propose a rationalisation of tax rates and consider the merger of different tax slabs within two months.
Finance Minister Nirmala Sitharaman had announced, after a GST Council meeting on September 17, to set up two GoMs to shore up revenues. One of the panels was to look at tax rate rationalisation issues in order to correct anomalies. During the meeting, finance minister had indicated that the effective tax rate under the GST had decreased from original revenue neutral rate of 15.5% to 11.6%. The rate was decreased because of multiple rate cuts since the introduction of GST in July 2017.
A seven-member group was constituted by the Finance Ministry on September 24. The group is headed by Basavaraj S. Bommai and it includes West Bengal Finance Minister of West Bengal Amit Mitra and Finance Minister of Kerala K.N. Balagopal besides the GST Council members from Goa, Uttar Pradesh, Bihar and Rajasthan. Group has been asked to recommend immediate changes and a roadmap for short term and medium term changes in GST rate structure.
By: Brijesh Kumar ProfileResourcesReport error
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