GOM Accepts Proposal to Move to 5% and 18% GST Slab Structure – CNBC tv18

The group of ministers (GOM) on GST RATIONALIISATION HAS Accepted The Centre’s Proposal to Move to a Simplified Two-Slab Goods and Services Tax (GST) TAX (GST) Structure of 5% and 18%. Bihar Deputy Chief Minister Samrat Choudhary said on Thursday (August 21), adding that the gom has recommended scraping the 12% and 28% slabs.

The recommendation come after the Central Government, on August 15, Proposed a Major GSor GST Reform Plan Built on Three Pillars – Structural Reforms, Rate Rationalization, and Ease of Living.

Prime Minister Narendra Modi, In His 79th Independence Day Address, Had underlined the need for changes in gst that benefits the Common Man, Farmers, Meddle Class, and MSMES, Calling GST SINCE 2017 A State Reforms For The nation.

Najib Shah, Former Chairman of the Central Board of Excise and Customs (CBEC), Called the GOM’s Accssptance of the proposal “phenomenal.”
“It is very positive from the standpoint of simplification and a significant step towards rate rationalization, which has been a demand mind gst was first introduced. The GST COLL NOW DELIBERETE, and I am AM Confident they too will move forward with this proposal, ”Shah said.

He added that GST council would find it difficult to reject the proposal since the gom incluses representatives from opposition-brought states as well.

“The Concerns of Revenue would have been addressed by the center to the gom, and they will continue to do so so in the gst council. Numbers are critical, obviously, but there is a bellies, Consumption, and hence revenue. Going forward, let us see how it all pans out, ”shah said.

According to the government’s blueprint, structural reforms Stability.

Rate Rationalization will include Reducing Taxes on Essential and Aspirational Goods, Shifting to the two-Slab System, And Using Fiscal Specal Space Created after the End of the compensation Cession Cess to Align Rates to Align Rates Sustainability.

Ease of Living Measures are aimed at Simplifeing Compliance Through Seamless Technology-Driven Registration, Pre-Filled Returns to Reduce Mismats, And Faster Autunds FORSTREDS FORSTRERS FORSTERS FORSTERS Businesses impacted by Inverted Duty Structures.