GST Council Meeting: The next meeting of the GST Council can be held in June or July. In this, a big decision can be taken on abolishing the 12 percent tax slab. At present, there are four slabs of GST in the country.
GST Council Meeting: In the next meeting of the GST Council, the government can give relief to the public on GST. According to media reports, the council can take a big decision on abolishing the 12 percent tax slab. It is being told that this can be discussed in the GST Council meeting.
This step can be taken to simplify the GST rate structure. At present, there are four slabs of GST in the country (5 percent, 12 percent, 18 percent and 28 percent). It is being considered to reduce it to three. According to the information given in the media report, this proposal has received support from the advisory officers of the GST Council and now the council has to take a decision.
These things are included in the 12 percent tax slab
At present, the 12 percent tax slab includes many things such as condensed milk, fruit juice, 20 liter drinking water bottles, walkie-talkies and contact lenses etc. Apart from this, sausages, frozen vegetables, pasta and many types of household items also come in this category.
If a decision is taken to remove the 12 percent tax slab in the meeting, then the items coming in it can shift to 5 percent or 18 percent slab. In such a situation, the prices of things going in the 5 percent slab such as fruit juice, namkeen, spices, pencils, umbrellas etc. can come down. At the same time, the prices of things going in the 18 percent slab such as carpet, detergent, contact lenses, plastic items can increase.
Why is the 12 percent tax slab being removed?
Many countries like Australia, UAE, Canada, Singapore have only one or two tax slabs. In such a situation, by adopting a three-slab structure instead of four in India, it can also come closer to the global standard. Apart from this, officials and experts believe that the 12 percent tax slab has now become irrelevant, so in view of the continuous increase in GST revenue, there is talk of reducing it from four to three. The next meeting of the GST Council is likely to be held in November or July. While the last meeting was held in December 2024.
