Quick Summary
The GoM on GST rate rationalisation, led by Bihar Deputy Chief Minister Samrat Chaudhary, is considering tax relief on more than 100 items to ease the burden on the common man. West Bengal Finance Minister Chandrima Bhattacharya revealed that the GoM discussed lowering GST on certain goods from 12%
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FAQ :
The GoM is considering scrapping the 12% GST slab and lowering tax rates on over 100 items to 5% to provide tax relief.
Items like bicycles and bottled water are being considered for a GST rate reduction from 12% to 5%. Medical and pharma items in the 12% slab are also being reviewed.
The next GoM meeting is scheduled for October 20.
One option being considered is raising the GST rate on aerated water and beverages, which are currently taxed at 28% plus cess.
As of 2024, the average tax rate under GST has dropped to 11.56%.
The aim is to balance tax relief for essential items with ensuring revenue neutrality for the government and simplifying the tax structure.
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