- Group of Ministers (GoM) on GST rate rationalisation met in Goa
- Reviewed GST rates for over 100 items including textiles, handloom goods, agricultural products, fertilisers, and educational materials
- No consensus reached, further discussions scheduled in Delhi next month
- Proposal to maintain 5% GST for ready-made garments priced at Rs 1,000 and below, increase to 18% for items above Rs 1,000
- Discussion on GST rates for health insurance premiums deferred to next meeting in October
- Outcome of rate rationalisation discussions will shape agenda for upcoming 55th GST Council meeting in November
- Current GST structure has four tiers with slabs of 5%, 12%, 18%, and 28%
- Average GST rate is around 12.2%, below revenue-neutral rate of 15.3%
- Real estate GoM meeting in Goa also did not reach consensus, deferred proposal to exempt GST on long-term leases for tourism sector
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.
