Sitharaman To Address Aug 20 GoM Meet

New Delhi: Finance Minister Nirmala Sithaman will appeal to an important meeting of a group of state ministers, as it has filed a lawsuit for comprehensive GST reforms that will reduce tax rates and will reduce the prices of common use products. The center proposed a 2 -storey GST structure with a special rate of 40 percent in the GST ratio.

Sources, the existing 12 and 28 percent tax signs required to remove the proposal, the National Capital on August 20 and 21 August will be discussed at the 2 -day meeting of the Ministry of State Panel, he said.

“The idea is to reveal the point of view behind the GST reform proposal of the center GOM. Although he is not a member of the center GOM, his presence and address will better understand the idea and thought process behind the center’s proposal.”

Bihar Deputy Prime Minister Samrat Choudhary is the meeting of the six -member GOM. Other members are Uttar Pradesh Finance Minister Surresh Kumar Khanna, Rajasthan Health Minister Gajendra Singh, Western Bengal Finance Minister Chandima Bhattacharya, Karnada Revenue Minister Krishna Byre Gowda, Kerala Finance Minister Kn Balagopal.

The center proposed two 5 percent Slab structures that classify elements under the category of ‘merit’ and ‘standard’, and the wide principle pursued in the classification is to reduce the tax burden for the middle class, MSMES and farm sector.

The recommended 40 percent plate, which is the highest tax rate allowed under the GST Law, will only be for approximately 5-7 products, including Pan Tales, Tobacco and Demerit goods such as debit goods.

Goods and Service Tax (GST) is currently 5 percent, 12, 18 and 28. Food and basic elements are either Nile or 5 percent, while luxury and debit goods have a 28 percent sign, there is a Cess.

If the proposal of the center was accepted by GOM, it would be placed in the GST Council, which was chaired by Sithaman and consists of finance ministers from all states and UTs at the next month meeting.

The proposal of the center requires to move 99 percent of the goods on the current 12 percent to 5 percent and to carry 90 percent of the goods and services to 18 percent in 28 percent.