In the next meeting of the GST Council, the possibility of discussing tax rates is likely to be discussed

New -Delhi, May 24 (IANS). The GST Council may rationalize tax rates in its next meeting and consider the future of compensation. In addition, attention can be paid to the simplification of indirect tax system and the removal of contradictions in the framework for existing tax on goods and services (GST). The meeting that will be held in New Delhi is expected to be summoned soon, in which the states are also under pressure their revenue prospects for clarity before the next fiscal planning cycle. According to a report citing NDTV profits, the issue of compensation launched for the state’s income shortage to the implementation of GST, especially if it continues, has become a debate. Finance Minister Nirmala Sitharaman said in March that the GST tariffs would be further reduced as the rationalization of the tax plate would be completed. At the time of GST in July 2017, the revenue neutral rate (RNR) was 15.8 percent, which now dropped to 11.4 percent in 2023 and will fall further. Finance Minister Sitharaman said that the work to simplify the GST plate was almost complete and that the GST council, led by the Minister of Finance and the Minister of Finance of the State, will soon make a final decision. The group of ministers (glue) was established in September 2021 to represent changes in GST rates and pages. This committee consists of the finance minister of six states. This committee is working to make the tax system more efficient. The rationalization process involves reducing the number of tax pages, the streamline of rates and solving the major concerns raised from different industries. The Union Minister further emphasized that the final review is underway before the proposal is presented in the next GST council meeting. In April, the gross GST collection was recorded at Rs 2,36 Lakh Crore, which is 12.6 percent more in April 2024 than a gross collection of Rs 2.10 Lakh Crore. The record GST collection in April reflects the strength and stability of the Indian economy. -Ians SKT/ABM shares this story -tags