Tax rates can be changed in the GST Council meeting to be held in December. According to media reports, the Group of Ministers (GoM) formed to simplify the GST structure has recommended increasing the tax rate on tobacco and all tobacco products, aerated beverages (soda drinks-cold drinks) etc. from the current 28% to 35%. Recommendation to increase GST on luxury items as well
The GoM has recommended changes in the rates of a total of 148 items. It has said to impose 5% GST on readymade garments up to Rs 1500, 18% GST on readymade clothes from Rs 1,500 to Rs 10,000 and up to 28% GST on readymade garments above Rs 10,000. The GoM has also recommended increasing GST on many luxury items including leather bags, cosmetics. It has been recommended to make everyday and common consumption items cheaper. Suggestion to reduce 13% GST on water bottles Now the final decision on the recommendations of the Group of Ministers will be taken by the GST Council. The convener of the 13-member Group of Ministers is Bihar Deputy Chief Minister Samrat Chaudhary. Let us tell you that the Group of Ministers includes ministers from Uttar Pradesh, Rajasthan, West Bengal, Karnataka, Kerala, Andhra Pradesh, Goa, Gujarat, Meghalaya, Punjab, Tamil Nadu and Telangana. GST Council meeting to be held on 21 December The 55th meeting of the GST Council will be held on 21 December 2024 in Jaisalmer, Rajasthan. In its last meeting on September 9, the Council had asked the GoM to submit a report on imposing GST on insurance. Last month, a GoM meeting was held regarding imposing GST on health and life insurance products. In such a situation, it is believed that a big decision can also come in this meeting regarding GST on health insurance and term life insurance. The government collected ?1.82 lakh crore from GST in November
The government has collected Rs 1.82 lakh crore from Goods and Services Tax, i.e. GST, in November 2024. There has been an increase of 8.5% on an annual basis. A year ago, i.e. in November 2023, the government had collected Rs 1.68 lakh crore GST. At the same time, in this financial year i.e. 2024-25, so far Rs 14.56 lakh crore has come from GST.
