WEB DESK
The Government today categorically denied the report appeared in certain media that Goods and Services Tax (GST) Council plans to raise five per cent tax slab to eight per cent. Highly placed government sources said, there is no such proposal and this news is speculative and there is no truth in it. Currently, GST has a four-tier slab structure of 5, 12, 18 and 28 per cent. Besides, gold and gold jewellery attract three per cent tax.
Last year, GST council formed a Group of Ministers (GoM) on rate rationalisation, headed by Karnataka Chief Minister Basavaraj Bommai, which includes West Bengal Finance Minister Amit Mitra, Kerala Finance Minister K. N. Balagopal and Bihar Deputy Chief Minister Tarkishore Prasad. Sources said that GoM has still not prepared it’s report on rate rationalisation and yet to be submitted to the GST council. The date of the next meeting of GST Council is also not set.