The Finance Ministry has begun the process of electing a new convenor for the Group of Ministers (GoM) on GST rate rationalisation after the previous Karnataka Chief Minister vacated the position. The GoM was established under the GST Council, comprising state counterparts, in September 2021. Its objective is to simplify the rate structure of the Goods and Services Tax. The senior-most member of a GoM typically becomes the convenor, though this may change considering current Karnataka Chief Minister Siddaramaiah also holds the finance portfolio. The GoM had submitted an interim report to the GST Council in June 2022 and proposed changes for specific goods and services. They proposed a 5% GST on some items. These changes were accepted by the council. Currently, the GST framework has five tax slabs ranging from zero to 28%, with a cess levied on luxury and demerit goods over and above the highest 28% rate.
FinMin Begins Process to Decide on Convenor for GST Rate Rationalisation GoM
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