- The government has reconstituted the ministerial group of the GST Council to recommend the simplification of the tax structure and a rejig of its multiple rates.
- The group of ministers (GoM) on GST rate rationalisation had been suspended since May but has now been reconstituted with a new convenor.
- There are currently four main GST rate slabs, but there are about a dozen different rates in practice, making compliance difficult.
- Tax experts and industry captains have been urging the government to restart the rate rationalisation plan.
- The GoM may also make recommendations on the future of the GST Compensation Cess.
- The Confederation of Indian Industry president has called for a three-slab structure for GST rates and a review of the GST Compensation Cess.
- The GoM will review the current tax slab rates and recommend changes for a simpler rate structure in GST.
Source: a2ztaxcorp.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
