GST Rate- Big news for common people. The government has made it clear in the Parliament that the 12% GST slab is not going to end now. It includes items like milk, curd, cheese. A few days ago, there was news that the GOM set up by the GST Council can end the 12% tax slab.
A consensus has been reached by the GOM. But the government has informed the Parliament that there is no such proposal yet. Also, the Finance Ministry has not received any such report from the GOM. Let us also tell you what has been said in the Parliament on behalf of the Central Government.
Central government gave clarification
The central government has clarified that there is no proposal for any immediate reduction in the rates of Goods and Services Tax (GST). After which the possibility of any kind of short-term relief to the common man is over. This clarification was given by Minister of State for Finance Pankaj Chaudhary during a session in the Lok Sabha on Monday, July 21.
The Group of Ministers is still working on rationalizing GST rates. In response to a question raised by MP Ujjwal Raman Singh from Allahabad constituency, Chaudhary said that any change in GST rates is decided based on the recommendations of the GST Council.
Pankaj Chaudhary said in a written reply that GST rates are determined on the recommendations of the GST Council, a constitutional body composed of representatives of the states/union territories and the Centre. He further said that during the 45th meeting of the Council held on September 17, 2021, a Group of Ministers (GoM) was constituted to consider rationalizing GST rates.
However, the GoM has not yet submitted its report. Since the report is still awaited, the government said that no decision has been taken yet on how much GST rates can be reduced or when this reduction will be implemented.