NEW DELHI: The finance ministry on Monday clarified that no feedback has been sought from states on the
GST rates for specific items or regarding proposals to restructure the rates.
In the wake of some media reports stating that feedback has been sought from states regarding a suggestion for raising Good and Services Tax (GST) rates on 143 items, the ministry in a statement said deliberations of the panel of ministers to rationalise GST rates are ongoing and the report has not been submitted.
"It is clarified that no feedback from States has been sought on the GST rates for any specific items or specific proposals to restructure the rates...," the finance ministry said.
It further said views of the states were sought generally on the Terms of References (ToRs) of the Group of Ministers (GoM) soon after it was set up in September 2021.
"A report of the Group is yet to be submitted to the Council for consideration," it added.
The
GST Council
had in September last year set up a panel of state ministers, headed by Karnataka chief minister Basavaraj Bommai, to suggest ways to augment revenue by rationalising tax rates.
Stay informed with the latest Business News on Times of India. Explore updates on International Business, gain insights with Financial Literacy tips, and make use of Financial Calculators. Don’t forget to check the list of Bank Holidays in 2025, including Bank Holidays in January.
Ready to Master Stock Valuation? ET’s Workshop is just around the corner!
Start a Conversation
Post comment