GST Slab

The launch of the GST Appellate Tribunal marks a key reform in India's tax system, but its success will hinge on capacity, efficiency, and fair handling of disputes

Electronics and auto makers raise output after GST cuts, expecting higher festive sales as small cars, two-wheelers, TVs and ACs turn cheaper from September 22

GST Council announcements: New two-slab GST system cuts tax on smaller cars to 18 per cent, trims luxury cars and SUVs to 40 per cent, making high-end vehicles slightly cheaper

GST Council approves two-slab system from September 22; BofA Securities says impact on GDP and government finances will be small, while consumption may get a boost

Under the two-slab system, the GST Council has scrapping 12 per cent and 28 per cent rates. Now, essential items like food, medicines, and books fall under zero and 5 per cent rates

In its note, the federation said that these changes would reduce litigation, stabilise margins, boost employment and align with India's ambition of becoming a global food hub

Currently, aerated beverages are classified as sin/demerit goods, leading to 40 per cent taxation (28 per cent GST and an additional 12 per cent compensation cess).

The Group of Ministers on Thursday accepted the Central government's plan to replace current GST rates of 12% and 18% for most items with a much-lower 5% and 18% slabs, as well as a steep 40% levy on

A crucial meeting of the GoM of state finance ministers on GST rate rationalisation began on Thursday as they started deliberation on the Centre's proposal to reduce tax slabs to 5 and 18 per cent. The 6-member Group of Ministers (GoM) on rate rationalisation is chaired by Bihar Deputy Chief Minister Samrat Choudhary. The other members are Uttar Pradesh Finance Minister Suresh Kumar Khanna, Rajasthan Health Minister Gajendra Singh, West Bengal Finance Minister Chandrima Bhattacharya, Karnataka Revenue Minister Krishna Byre Gowda and Kerala Finance Minister K N Balagopal. The Centre has proposed reforms in GST by reducing the number of slabs under Goods and Services Tax (GST) to 2 (5 and 18 per cent) from 4 (5, 12, 18, and 28 per cent). "The rate rationalisation will provide greater relief to the common man, farmers, the middle class and MSMEs, while ensuring a simplified, transparent and growth-oriented tax regime," Finance Minister Nirmala Sitharaman had told the Group of Minister

Explainer: What the GST Council's GoM on rate rationalisation is, how it works, who its members are, and how its decisions could shape India's two-slab GST plan by Diwali 2025

Nomura said scrapping the 12 per cent GST slab could bring major tax relief for tractors and ACs, boosting demand and pricing.

Speaking on the ongoing efforts to simplify the GST structure, Nirmala Sitharaman said, 'We are very close to closing in on a final call on the reduction in GST rates and slabs'

The Group of Ministers (GoM) on GST rate rationalisation has recommended to raise GST on select sinful goods. Here's how GST Council decides on different tax bands

State FMs, in first meeting of GoM, suggest no new item in lists of luxury, sin, and demerit goods until transition

If ordered with food, tax would be the lower rate; over the counter, it would attract a higher GST

Union Finance Minister Nirmala Sitharaman Monday said that petrol and diesel can be brought under the GST ambit if the GST council takes a call

No decision on rate rejig; to meet again for further deliberation

The ministerial panel, headed by Karnataka CM Basavaraj Bommai, will be meeting for the second time since it was set up in September last year

Apart from fewer slabs, the council will do well to take on issues like bringing petroleum under GST, addressing conflicting rulings of AARs and the issue of compensation to states beyond 2022

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