Goods and Services Tax: The panel of finance ministers of the states formed to suggest changes in the GST rate is to merge the 12 percent and 18 percent GST rates to form a new GST slab of 15 percent. can recommend. However, this panel is not in favor of increasing the 5 per cent GST slab to 8 per cent due to the fear of a huge jump in inflation.
This panel has been asked to review out-of-scope goods and suggest simplification of GST rates to increase GST collections. Let us tell you that at present there are four slabs of GST, 5 per cent, 12 per cent, 18 per cent and 28 per cent. Whereas special rates are levied on precious metals.