The GST fitment committee is considering dropping some rates, particularly the 12 per cent slab, to achieve a revenue-neutral structure. They are looking at moving to a three-slab structure from the current four. The committee is preparing inputs for revamping tax rates and implications, to be submitted to the GST Council’s Group of Ministers. The revenue department expects the revamped tax rates to be implemented in FY25. The move follows stability in GST collections, which crossed the ₹2 trillion mark in April. The Council is expected to discuss the rate rationalisation road map after the July Budget. The seven-member rate rationalisation state ministers panel is being headed by UP Finance Minister Suresh Khanna.
Source A2ztaxcorp
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