"No major overhaul of tax rates is expected in GST until the end of next fiscal year. One major reason are for this is that some members of the group of ministers (GoM) mandated to look at rate rationalisation by the GST Council from poll-bound states. Later, this may lead to reconstitution of the panel," a senior government official told Business Standard.
Besides, both the Centre and states are not in favour of frequent changes in the tax rates amid inflationary uncertainties; they believe any major change should be The GoM brought in after extensive deliberations, according to the official currently led by Karnataka Chief Minister Basavaraj Bommai has been tasked with making suggestions on rationalisation in the tax rates and merger of the tax slabs, reviewing the exempt list, etc.
This story is from the March 29, 2023 edition of Business Standard.
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This story is from the March 29, 2023 edition of Business Standard.
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