Goods and Service Tax (GST) since introduced to the system is making a huge noise. It seems that it will continue it’s performance for more months to come. Now, the government is acknowledging the pain points of the beneficiaries of GST or the vast Indian entrepreneurial and business class by accepting the fact to rationalize the GST Rates.
Minister of State (MoS) for Finance Shiv Pratap Shukla said the GST Council is working towards rationalizing the GST rates.
Addressing a gathering at the 7th edition of Delhi SME Finance Summit organized by the Confederation of Indian Industry (CII) here, the MoS Finance said a big announcement from the government regarding GST is very soon expected.
“The GST Council is working towards rationalizing GST rates. An announcement from the government regarding GST is imminent,” the MoS Finance said.
Currently, the GST is divided into four tax slab i.e.- 5 percent, 12 percent, 18 percent and 28 percent.
Earlier in January, the GST Council, in its meeting, decided to slash the rates on 54 services and 29 items.
In November 2017 meeting, the GST council had removed 178 items from the highest 28 percent category.