GST Council meeting today: Meeting will be chaired by Finance Minister Sitharaman, discussion on GST rates can be done

The meeting of the GST Council under the chairmanship of Finance Minister Nirmala Sitharaman will be held in Delhi today. Reforms in GST rates will be discussed in this meeting. An official said that this meeting will be an extension of Nirmala Sitharaman’s pre-budget meeting with state finance ministers on December 30.

Tax slabs will be discussed
Presently GST is levied in 4 slabs 5, 12, 18 and 28%. Essential goods are either exempted from GST, or are taxed at a lower slab, while luxury items are taxed higher. Apart from this, there is also a provision of some cess. A demand has been placed before the council to merge the slabs of 12 and 18% and remove some items from the exemption category to remove its impact on revenue.

GST on textiles to be reviewed
Former West Bengal Finance Minister Amit Mitra has urged Union Finance Minister Nirmala Sitharaman to roll back the proposed hike in textiles from 5 to 12%. Telangana Industries Minister KT Rama Rao has also urged the Center to withdraw its proposed plan to hike GST rates.

Let us tell you that the central government has decided to levy 12% GST on clothes and footwear from January 1. The Government of India has increased the GST on textiles, readymades and footwear by 7%.