GST
Finance Minister Nirmala Sitharaman said on Saturday that GST rates will be less. He said that the work of rationalizing tax rates and slabs has reached almost the final stages. He said that the revenue neutral rate (RNR) has come down from 15.8 percent to 11.4 percent in 2023 at the time of starting GST on July 1, 2017. The minister said, “This will be less.” The GST Council of his state counterparts headed by Sitharaman formed a group of ministers (GOM) in September 2021 to rationalize rates and suggest changes in the slab.
Work reached the final stage almost
Sitharaman, while answering a question in the ‘The Economic Times Awards’, said, “The work of rationalizing GST rates and slabs has almost reached the final stage.” He said, “Groups (GOMs) have done a great job, but now in this phase I have once again taken a complete review of each group work, and then I will probably take it to the council. Then it will be considered whether we can reach the final conclusion about this. ”Sitharaman said that some more work needs to be done on rationalizing the rates.
Very close to the final decision
He said, “We will take it to the next council (meeting). We are very close to taking final decisions on some very important issues, such as cuts, rational enhancing, considering the number of slabs, etc.. Can I comment on this or can you comment in you. ”He said that the government is committed to increasing the stake of retail investors in public sector banks.
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