New Delhi: A panel of state ministers GST Rate Rationalization Sources said that a consensus could not be reached on Friday as some members opposed the change in tax slabs and rates.
However, the Group of Ministers will submit a status report GST Council He said that on the consensus which had come in the last meeting of the GoM on November 20, 2021.
The GoM will seek an extension to submit its final report, he said, adding that the issue of tax rates will also be taken up in the council meeting to be held later this month.
GST Council headed by Finance Minister Nirmala SitharamanThe meeting is scheduled to be held in Srinagar on June 28 and 29.
The council had last year constituted a seven-member panel of state ministers, headed by Karnataka Chief Minister Basavaraj Bommai, to suggest ways to increase revenue by rationalizing tax rates.
GoM mandated to review items under inverted duty structure to help reduce refund payments and GST exemption list with an aim to widen the tax base and break the Input Tax Credit (ITC) chain has gone.
Under GST, a four-tier structure allows or levies a 5 per cent tax exemption on essential goods and a top rate of 28 per cent on cars and demerit items. The other slabs of tax are 12 and 18 per cent.
In addition, cess is levied on the highest slab of 28 per cent on luxury, demerit and sin items.
However, the Group of Ministers will submit a status report GST Council He said that on the consensus which had come in the last meeting of the GoM on November 20, 2021.
The GoM will seek an extension to submit its final report, he said, adding that the issue of tax rates will also be taken up in the council meeting to be held later this month.
GST Council headed by Finance Minister Nirmala SitharamanThe meeting is scheduled to be held in Srinagar on June 28 and 29.
The council had last year constituted a seven-member panel of state ministers, headed by Karnataka Chief Minister Basavaraj Bommai, to suggest ways to increase revenue by rationalizing tax rates.
GoM mandated to review items under inverted duty structure to help reduce refund payments and GST exemption list with an aim to widen the tax base and break the Input Tax Credit (ITC) chain has gone.
Under GST, a four-tier structure allows or levies a 5 per cent tax exemption on essential goods and a top rate of 28 per cent on cars and demerit items. The other slabs of tax are 12 and 18 per cent.
In addition, cess is levied on the highest slab of 28 per cent on luxury, demerit and sin items.