GST Council Will Decide On New GST Rates After Receiving Recommendation From Group Of Ministers, Government Informs Parliament

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New GST Rate Structure: The government told Parliament that after receiving the suggestions of the Group of Ministers on the GST rates, a decision on changes in the GST rates would be taken after discussing it in the meeting of the GST Council. Minister of State for Finance Pankaj Choudhary has given this information to the Parliament.

Question to the government regarding change in GST rates

Rajya Sabha MP Sanjay Singh had asked the Finance Minister whether the government is contemplating to change the structure of the existing GST rates. If so, what are their reasons? If the structure of GST rates is changed, what will be its impact on the prices of essential goods and is it expected to increase the GST collection. Responding to this question, Minister of State for Finance Pankaj Choudhary said that the GST rates are decided on the basis of the recommendations of the GST Council.

GoM formed to fix new rates

He said that the GST Council has constituted a Group of Ministers, which will give its suggestions to settle disputes related to simplification, rationalization and classification of GST rates and to increase the GST revenue. The recommendations of the Group of Ministers will be discussed in the meeting of the GST Council, after which a final decision will be taken.

Three rates of GST possible

It is believed that the government can implement three rates instead of the four existing rates of 5 percent, 12 percent, 18 percent and 28 percent of GST rates, in which a new slab of 8 percent, 15 percent and 30 percent can be made.

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