The GST Council, headed by Sitharaman and comprising her state counterparts, in September 2021, set up a group of ministers (GoM) to rationalize GST rates and suggest changes in slabs. The GoM comprises finance ministers of 6 states.
Finance Minister Nirmala Sitharaman on March 8 said the GST rates will come down further and the work on rationalizing tax rates and slabs has "almost reached a finale".
She said that the revenue neutral rate (RNR) has come down from 15.8% at the time of the launch of GST on July 1, 2017, to 11.4% in 2023.
"It will come down even further down," the minister added.
The GST Council, headed by Sitharaman and comprising her state counterparts, in September 2021, set up a group of ministers (GoM) to rationalize GST rates and suggest changes in slabs. The GoM comprises finance ministers of 6 states.
Responding to a question at 'The Economic Times Awards' on whether it is time to rationalize GST rates and slabs, Sitharaman said "that work has almost reached a finale".
"Now, at this stage, there is one more look that I would (take) the groups (GoM) have done excellent work, but I still have taken it upon myself to, once more, completely review each of the groups' works, and then probably take it to take it to the Council to see if we can come to a final conclusion on this," she said.
Sitharaman said some more work is required on rate rationalization.
"We'll take it to the next council (meeting). We are very close to coming to a final call on some of the very critical issues, reduction, rationalization of rates, looking at the number of slabs and so on," she said.
To a question on the reasons for stock market volatility and how the path towards more calm markets playing out, Sitharaman said, "It is like asking will the world be calm, will the wars come to an end, will the Red Sea be safer, will there be no sea pirates. Can I comment on it or any of you can comment".
On public sector banks' stake dilution, Sitharaman said the government is committed to increasing the public float.
"We want to have more retail investors in public sector banks," she said.
(PTI)
During the recent Ayush Stakeholder/Industry Interaction meeting at Vanijya Bhawan, the Indian government launched the Ayush Nivesh Saarthi portal
Study conducted by researchers at the University of Illinois at Urbana-Champaign, nanoplastics are dangerous
Election Commission of India (ECI) recently announced that it has improved the Index Card creation process
Experts from the Wildlife Institute of India recently collared three fishing cats in Andhra Pradesh's Coringa Wildlife Sanctuary
Kedarnath-bound chopper makes precautionary landing in Rudraprayag, fourth mishap this season
RBI flags limited policy room after 50 bps rate cut, signals cautious road ahead
Bollywood icon Jeetendra sells 2.3-acre Mumbai Andheri land for ₹855 crore to tech giant
PM Modi opens world’s highest rail bridge, flags off Kashmir’s first Vande Bharat
SC pushes NEET PG to August 3, orders single-shift exam to restore fairness
Elon Musk threatens to pull Dragon spacecraft as feud with Trump escalates
During the recent Ayush Stakeholder/Industry Interaction meeting at Vanijya Bhawan, the Indian government launched the Ayush Nivesh Saarthi portal
Study conducted by researchers at the University of Illinois at Urbana-Champaign, nanoplastics are dangerous
Election Commission of India (ECI) recently announced that it has improved the Index Card creation process
Experts from the Wildlife Institute of India recently collared three fishing cats in Andhra Pradesh's Coringa Wildlife Sanctuary
Kedarnath-bound chopper makes precautionary landing in Rudraprayag, fourth mishap this season
RBI flags limited policy room after 50 bps rate cut, signals cautious road ahead
Bollywood icon Jeetendra sells 2.3-acre Mumbai Andheri land for ₹855 crore to tech giant
PM Modi opens world’s highest rail bridge, flags off Kashmir’s first Vande Bharat
SC pushes NEET PG to August 3, orders single-shift exam to restore fairness
Elon Musk threatens to pull Dragon spacecraft as feud with Trump escalates
Copyright© educationpost.in 2024 All Rights Reserved.
Designed and Developed by @Pyndertech