GST Slab Change: Finance Minister Nirmala Sitharaman made a big announcement for the middle class in the budget this time and made a big change in the income tax slab. After income tax, now there is going to be relief in another tax. After the reduction in income tax rate, now GST rates are going to be reduced.
GST Rate Cut: Finance Minister Nirmala Sitharaman made a big announcement for the middle class in the budget this time and made a big change in the income tax slab. After income tax, now there is going to be relief in another tax. After the reduction in income tax rate, now GST rates are going to be reduced. Finance Minister Nirmala Sitharaman herself has pointed towards this.
Change expected in GST slab
Speaking at a program, the Finance Minister said that the work of rationalizing the Goods and Services Tax rate and slab is almost in the final stage and soon a decision will be taken to reduce the rates. Finance Minister Nirmala Sitharaman said on Saturday that GST rates will be reduced further. She said that the work of rationalizing tax rates and slabs has almost reached the final stage. He said the Revenue Neutral Rate (RNR) has come down from 15.8 per cent at the time of the introduction of GST on July 1, 2017, to 11.4 per cent in 2023. “It will be even lower,” the minister said.
The GST Council of her state counterparts, headed by Sitharaman, had constituted a Group of Ministers (GoM) in September 2021 to rationalise rates and suggest changes in slabs. Responding to a question at the event, Sitharaman said the work of rationalising GST rates and slabs has almost reached its final stage. “The Groups (GoMs) have done a great job, but now at this stage I have once again taken the initiative to fully review the work of each group, and then maybe I will take it to the Council,” he said.
Then it will be considered whether we can reach a final conclusion on this or not. Sitharaman said some more work needs to be done on rationalising the rates. He said, we will take it to the next council (meeting). We are very close to taking a final decision on some very important issues, such as rate cuts, rationalization, considering the number of slabs, etc.
When asked about the volatility in the stock market, Sitharaman said, asking about this is like asking whether the world will be peaceful, whether wars will end, whether the Red Sea will be safe, whether there will be no pirates. Can I comment on this or can anyone of you comment. He said that the government is committed to increasing the share of retail investors in public sector banks.
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