Rationalisation of Goods & Services Taxes (GST) likely to be put off for post general election i.e., 2024.
“GST rates are critical not just from inflation point of view, but also it is highly politically sensitive issue. We may see complete overhaul of GST rates once Lok Sabha election got over in 2024,” a senior Government official told businessline. Retail inflation based on Consumer Price Index (CPI) has been above the upper tolerance level of targeted range of 2-6 per cent and likely to stay for some more time. while median rate of 4 per cent is remote possibility.
A Group of Ministers, under the convenorship of Chief Minister of Karnataka Basavaraj Somappa Bommai, is going through rate rejig exercise. The Committee did give an interim report, post which Council recommended some rate change in June such as pre-packaged – pre-labelled items beside others. However, final report awaited.
Pointers:
- Over 1,200 goods and services except those in negative list attract GST.
- Four primary GST rates: 5, 12,18 and 28 per cent. Some special rates such as 0.25 per cent, 1.5 and 3 per cent. Some of items are in NIL rates.
- 28 per cent slab in GST contributes 16 per cent to the gross GST revenue, while the major chunk of 65 per cent comes from the 18 per cent slab.
- The slabs of 5 per cent and 12 per cent contribute 10 per cent and 8 per cent of the total gross GST revenue, respectively.
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