35% GST slab in the works? A look at GST bands and how they are decided

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35% GST slab in the works? A look at GST bands and how they are decided

//business-finance.news-articles.net/content/202 .. -look-at-gst-bands-and-how-they-are-decided.html

Published in Business and Finance on Tuesday, December 3rd 2024 at 11:31 GMT by Bill Williamson
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

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

The article from Business Standard discusses the potential introduction of a new 35% GST slab, which would be the highest tax rate under the Goods and Services Tax (GST) regime in India. Currently, GST rates are structured into four main slabs: 5%, 12%, 18%, and 28%, with some items like gold taxed at 3% and others like alcohol for human consumption and petroleum products outside the GST framework. The proposal for a 35% slab comes in response to the need to tax items like pan masala, gutkha, and tobacco products more heavily due to their health implications. The decision on GST rates involves the GST Council, which includes finance ministers from all states and is chaired by the Union Finance Minister. The rates are decided based on various factors including the nature of the goods or services, their necessity, and economic implications. The article also mentions that the GST Council has the authority to adjust these rates, and any new slab would require a consensus among the council members.

Read the Full Business Standard Article at:
[ https://www.business-standard.com/economy/news/35-gst-slab-in-the-works-a-look-at-gst-bands-and-how-they-are-decided-124120300841_1.html ]

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