&imwidth=800&imheight=600&format=webp&quality=medium "Key panel approves elimination of 12% and 28% GST slabs")
The Group of Ministers, a key decision-making panel on Goods and Services Tax (GST), has approved the Centre's proposal to eliminate the 12 per cent and 28 per cent slabs. If approved by the GST Council, the reduction in the number of slabs will result in the lowering of GST on the majority of goods and services, boosting consumer spending by handing the masses more disposable income.
Bihar Deputy Chief Minister Samrat Choudhary on Thursday confirmed that the panelapproved the Centre's proposal. "We have supported the two proposals by the Government of India of scrapping GST slabs of 12 per cent and 28 per cent," Choudhary said after attending a meeting of the Group of Ministers (GoM) with Union Finance Minister Nirmala Sitharaman.
The decision was arrived at after holding discussionswith stakeholders. The GST Council will make the final decision.
"Everyone made suggestions over the proposals made by the Centre. Some states have a few observations. This has been referred to the GST Council. The Council will make a decision," Choudhary added.
Over 90 per cent of all goods in the 12 per cent and 28 per cent GST slabs will be moved to the 5 per cent and 18 per cent category, if the GST Council approves the recommendation. These will help the masses save GST on almost all essentials.
Many goods and services, including cars and insurance, will likely become cheaper.
West Bengal's health minister, Chandrima Bhattacharya, said he flagged the expected loss of revenue to the states.
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"All the states are with the common people, but I raised in the meeting that if the states are going to lose the revenue, then that ultimately goes back to the common people, so we want to know how we are going to be compensated. The GoM will now send its report to the GST Council with the notings of our concern we raised," the minister said.
UP Minister Suresh Khanna said that the Centre didn't mention the loss in revenue expected to be incurred with the decision.
Prime Minister Narendra Modi, in his Independence Day speech, announced the rationalisation of the existing GST structure.