GST slabs remain unchanged | Fusion - WeRIndia

GST slabs remain unchanged

GST slabs remain unchanged

The 38th GST Council meeting was held under Finance Minister Nirmala Sitharaman. Contrary to the expectations of many people, the GST slabs remain unchanged.

The Minister of State for Finance and Corporate Affairs Anurag Thakur, finance ministers of different states and union territories also attended the meeting.

The GST Council meeting mainly focuses on checking tax evasion and maximizing the revenue collection.

The target of GST collection for this financial year is set at ₹1.10 lakh.

The GST Council votes and decides the uniform rate for lotteries. This is the first time since the launch of GST that a decision has been taken through voting.

The Finance Minister also held a pre-budget meeting with many chief ministers and finance ministers yesterday.

In the meeting, the GST Council sought various ways to control revenue loss and improve the efficiency of the system. For this, the Council wants to use technology.

The GST Council had asked different state government to improve tax proceeds. It also wants their view on reviewing the rates of GST.

Manish Sisodia, the deputy chief minister of Delhi expressed that increasing the GST rates would affect consumers.

Some people expected there may not be an increase in the rate of GST. Vinod Nair, Head of Research at Geojit Financial Services is one among them. He said that the increase in GST rate may not possible as the inflation is rising and the meeting would mainly focus on revenue improvement. He said that investors were observing the GST council meeting.

The finance ministry felt that this is not the right time for a GST rate increase due to inflation and other existing financial conditions in the country.

Chhattisgarh minister T S Singhdeo also expressed that revenue realization must be optimized before changing the GST rates. He also said that addressing the issue of revenue leakage is essential.

Image Credit: Image by mohamed Hassan from Pixabay (Free for commercial use)

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