GST Council to soon take decision on rates, number of slabs: FM Sitharaman
GST
Dated:- 4-2-2025
PTI
New Delhi, Feb 4 (PTI) The GST Council will soon take a decision on having fewer and lower rates as the review work is almost complete, Finance Minister Nirmala Sitharaman said on Tuesday.
Currently, Goods and Services Tax (GST) is a four-tier tax structure with slabs at 5, 12, 18 and 28 per cent. Luxury and demerit goods are taxed at the highest bracket of 28 per cent, while packed food and essential items are in the lowest 5 per cent slab.
The Council, chaired by Sitharaman and comprising her state counterparts, has set up a group of ministers (GoM) to suggest changes in GST rates as well as reduce slabs.
“To be fair to th
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er rates. So work has got to happen on that, and I hope the GST Council will decide on it soon,” Sitharaman said.
Days after presenting the Union Budget 2025-26 that also provides significant income tax relief to the middle class, the minister asserted the country's economic fundamentals are strong and there is no structural slowdown.
Tax relief in the Budget is a reflection of the prime minister's commitment to the taxpayers, Sitharaman said and refuted speculations that the move was aimed at Delhi assembly elections.
She also told the gathering that there is no proposal to “shut down” the old tax regime.
On a question related to capital expenditure, the minister further said the capex has not come down, in fact it has increased to
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