New Delhi, March 9 (IANS). Union Finance Minister Nirmala Sitharaman said that the rates of Goods and Services Tax (GST) will be reduced as the process of rationalizing the tax slab is almost going to be completed.
The Finance Minister further said that at the time of implementing GST in 2017, the revenue neutral rate (RNR) was 15.8 percent, which has come down to 11.4 percent in 2023. There is a possibility of further decrease in this.
Speaking at a media program in the national capital, Finance Minister Sitharaman said that the work of simplifying the GST slab is almost complete. It is expected that the GST Council, which includes the Finance Minister of the state, will soon take a final decision.
The GST Council is led by the Union Finance Minister.
The Finance Minister said that this has been done by groups of ministers (GOMs) and I will review these works and then take it to the GST Council, so that we can reach the final conclusion on it.
GOM was established in September 2021 to change GST rates and slabs. This committee consists of finance ministers of six states, who are working to make the tax system more efficient.
The GST slabs are being reduced by GST slabs, streamlining rates and resolving the major concerns raised by various industries.
The Union Minister said that the final review is being done before presenting the proposal in the next GST Council meeting.
Finance Minister Sitharaman said, “We will take it to the next council (meeting). We are very close to taking a final decision on some very important issues, cuts cut, rationality, considering the number of slabs, etc.”.
Asked questions on the ups and downs in the stock market, the Finance Minister said that it is due to global instability, which has arisen due to the business in the Red Sea.
Finance Minister Sitharaman said that it is difficult to predict full stability in the markets due to these unstable global factors.
Regarding the Indo-US trade agreement, the Finance Minister said that the two countries are working towards mutually beneficial agreement.
Finance Minister Sitharaman said that India is actively involved in a conversation with the European Union and the United Kingdom, ensuring that national interests remain priority.
-IANS
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