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Slow consumption, inflation weigh on GST Council meet
Mint Mumbai
|December 21, 2024
Inflation and consumer appetite for purchases are two considerations that are expected to weigh on the Goods and Services Tax Council when it examines a ministerial group's recommendations for further hikes in the indirect tax, three persons informed about the development said on condition of anonymity.
The Council's deliberations will see Union finance minister Nirmala Sitharaman, who chairs the federal indirect tax body, and state ministers seeking to balance political and economic considerations about tepid urban consumption demand with the technical and fiscal need to restore the tax base lost during the transition from the earlier indirect tax regime to GST seven years ago.
The ministerial group, led by Bihar deputy chief minister Samrat Chaudhary, is expected to make its recommendations to the Council on tax rate changes at its meeting in Jaisalmer on Saturday.
The Council's 55th meeting will also examine proposals for tax relief on health and life insurance schemes, one of the persons cited above said.
This story is from the December 21, 2024 edition of Mint Mumbai.
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