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April 26, 2022

Ministry of Finance has clarified by issuing a press release that the report on raising GST Rates on 143 items is misleading

by CA Shivam Jaiswal in Income Tax

Ministry of Finance has clarified by issuing a press release that the report on raising GST Rates on 143 items is misleading

It has been noted that a section of the media has reported that feedback has been sought from States regarding a suggestion for raising Good & Services Tax (GST) rates on 143 items.

Some reports have even carried the number and description of items. It is clarified that no feedback from States has been sought on the GST rates for any specific items or specific proposals to restructure the rates and the reports regarding the same are purely speculative without any basis in fact.

The GST Council, in its 45th Meeting had formed a Group of Ministers (GoM) to look into the rationalization of rates. The deliberations of the Group are ongoing. The views of the States were sought generally on the Terms of References (ToRs) of the GoM soon after it was set up in September, 2021. A report of the Group is yet to be submitted to the Council for consideration.

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