GST Council Considers Eliminating 12% Tax Slab, Shifting Items to 5% and 18% Rates

• GST Council may eliminate the 12 percent tax slab
• Items may be shifted to 5 percent or 18 percent rates
• Officials and experts have reached a near consensus on this change
• Proposal aims for revenue neutral tax rate rationalisation
• Final decision to be made by the GST Council
• Most Union and state government officials support the proposal
• GST Council expected to meet in June or July
• Council includes Union Finance Minister and state Finance Ministers
• Last meeting was in December 2024
• GoM on rate rationalisation formed in September 2021
• First convenor was former Karnataka CM Basavaraj S Bommai
• Current convenor is Samrat Chaudhary, deputy CM of Bihar

Source: a2ztaxcorp.net

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.

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