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GST Reform: A six -member minister of finance ministers of the states under the chairmanship of Bihar Deputy Chief Minister Samrat Chaudhary will hold a meeting on August 21 to review the proposal to rationalize the GST rates of the Center. The purpose of this proposal is to limit the existing structure into two main toe slab -5% and 18% – and this panel will send its recommendations to the GST Council.

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Ministers include ministers from Kerala, Uttar Pradesh, Rajasthan, West Bengal, Bihar and Karnataka. The main discussion will focus on the scheme of the Central Government in which goods and services will be classified into ‘merit’ and ‘standard’ categories, while a rate of 40% will be retained on selected items like sin goods. Under the proposal, most of the items included in the current 12% tax slab will be transferred to 5% slabs, while currently 28% tax will be transferred to 18% tax slab.

What did the Finance Minister say about the change in GST?

On 20 August, Finance Minister Nirmala Sitharaman discussed with various ministers and stressed the need for structural changes on the improvement cess, insurance and tax rates. Sitharaman said, “Randnessing tax rates will provide more relief to the common man, farmers, middle class and MSME, as well as a simple, transparent and development -oriented tax system.”

This is the first time the Center has formally proposed the GST restructuring, as earlier measures to rationalize were mainly run by ministers and GST Council. Earlier, the panels that rational rates were tasked to suggest changes in the slab and fix the fee inserts in specific areas.

New system will be implemented by removing four rates of GST

If it is approved by the Group of Ministers, this proposal will be considered by the GST Council in its next meeting to be held in September, in which Finance Minister of both the Center and the state will participate.

According to UBS Securities, these reforms can promote India’s consumption economy significantly. Tanvi Gupta Jain, the chief India economist of UBS Securities, said, “Personal income tax relief ($ 15 billion), reduction in advance interest rates (year-by-year 100 basis points), low inflation and better lending availability as well as this possible policy incentive will promote domestic consumption in the next 2-3 quarters.”

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