Finance Minister Nirmala Sitharaman announced on Saturday that GST rates will be further reduced as the process of revising tax slabs nears completion.
Speaking at an event, Finance Minister Nirmala Sitharaman noted that the revenue neutral rate (RNR) has dropped from 15.8% in 2017, when GST was introduced, to 11.4% in 2023. She assured that it would decrease further.
The GST Council, led by Finance Minister Nirmala Sitharaman and state finance ministers, formed a Group of Ministers (GoM) in September 2021 to suggest changes to tax slabs. This six-member panel has conducted detailed reviews on the issue.
Sitharaman said the process is in its final stage. “The groups (GoM) have done excellent work, but I have taken it upon myself to completely review each of their recommendations. Once that is done, we will take it to the Council for a final decision,” she stated.
Further discussions in the next GST Council meeting will focus on key issues such as rate reductions, slab restructuring, and overall rationalization.
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