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GST panel meet in December may consider rate, category rejig
Reports: GST slabs may be reduced to three from four, tax rate may be raised

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Taxing times: GST rate likely to be raised, categories to be reduced: reports

Name: Taxing times: GST rate likely to be raised, categories to be reduced: reports
Uploaded: 2021-10-12T13:15:32.000+05:30
Duration: T00M41S
Channel: Editorji News Desk
Description: Get ready to pay more tax for food and consumption goods as The Mint reports the Finance Minister led GST panel could rework the current tax system to reduce the category and potentially raise the tax rate. Currently ...

GST panel headed by Finance Minister Nirmala Sitharaman, will likely meet in December to consider the overhaul

Updated: Sep 02, 2022 10:53

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Taxing times: GST rate likely to be raised, categories to be reduced: reports

Get ready to pay more tax for food and consumption goods as The Mint reports the Finance Minister led GST panel could rework the current tax system to reduce the category and potentially raise the tax rate.

Currently under the 4 tax slab GST regime, essentials such as food items attract the lowest rate of 5% while luxury goods see a levy of 28%, the highest of the 4 rates. Mint reports quoting unnamed officials, that two lowest rates (5% and 12%) could be raised by a percentage point each to 6% and 13% while the number of categories could be reduced to three.

The govt's GST collection has been over the Rs 1 lakh crore mark for the last 3 months.

Frequently Asked Questions

What is the current lowest GST rate and what items does it apply to?❯

The current lowest GST rate is 5%, which applies to essentials such as food items.

What are the potential new rates for the two lowest GST slabs?❯

How many GST rate categories might the new system have?❯

What is the highest GST rate and what type of goods does it apply to?❯

When is the GST panel expected to meet to consider these changes?❯

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