According to Finance minister Nirmala Sitharaman, the process of rationalizing tax rates and slabs is nearly complete, and GST rates would be further lowered. She pointed out that the Revenue Neutral Rate (RNR) dropped from 15.8% on July 1, 2017, when the GST was introduced, to 11.4% in 2023.
The minister went on to say, "It will come down even further down,"
To rationalize GST rates and suggest modifications to tax slabs, the GST Council, which was chaired by Finance minister Sitharaman and included state finance ministers, formed a Group of Ministers (GoM) in september 2021. The GoM, which is composed of six state finance ministers, is in charge of examining and suggesting changes to streamline the GST system.
Sitharaman stated that "that work has almost reached a finale" in response to a question about whether it is time to rationalize GST rates and slabs at "The Economic Times Awards."
"Now, at this stage, there is one more look that I would (take) the groups (GoM) have done excellent work, but I still have taken it upon myself to, once more, completely review each of the groups' works, and then probably take it to take it to the Council to see if we can come to a final conclusion on this," she stated.
Before completing the revisions, Sitharaman stated that additional work on rationalizing the GST rate is required. "We'll bring it up at the upcoming council meeting. We are quite near to making a final decision on a number of extremely important matters, including rate reduction, rate rationalization, slab count analysis, and more," she stated.
"It is like asking will the world be calm, will the wars come to an end, will the red sea be safer, will there be no sea pirates," Sitharaman remarked in response to a question about the causes of stock market volatility and how the route towards more tranquil markets is unfolding. Can I leave a comment on it, or can any of you? On public sector banks' stake dilution, Sitharaman said the government is committed to increasing the public float. "We want to have more retail investors in public sector banks," she said.
The minister went on to say, "It will come down even further down,"
To rationalize GST rates and suggest modifications to tax slabs, the GST Council, which was chaired by Finance minister Sitharaman and included state finance ministers, formed a Group of Ministers (GoM) in september 2021. The GoM, which is composed of six state finance ministers, is in charge of examining and suggesting changes to streamline the GST system.
Sitharaman stated that "that work has almost reached a finale" in response to a question about whether it is time to rationalize GST rates and slabs at "The Economic Times Awards."
"Now, at this stage, there is one more look that I would (take) the groups (GoM) have done excellent work, but I still have taken it upon myself to, once more, completely review each of the groups' works, and then probably take it to take it to the Council to see if we can come to a final conclusion on this," she stated.
Before completing the revisions, Sitharaman stated that additional work on rationalizing the GST rate is required. "We'll bring it up at the upcoming council meeting. We are quite near to making a final decision on a number of extremely important matters, including rate reduction, rate rationalization, slab count analysis, and more," she stated.
"It is like asking will the world be calm, will the wars come to an end, will the red sea be safer, will there be no sea pirates," Sitharaman remarked in response to a question about the causes of stock market volatility and how the route towards more tranquil markets is unfolding. Can I leave a comment on it, or can any of you? On public sector banks' stake dilution, Sitharaman said the government is committed to increasing the public float. "We want to have more retail investors in public sector banks," she said.
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