NEW DELHI: A panel of ministers convened by the GST Council to review the current goods and services tax slab rates met on Friday.
According to sources, the ministerial committee was unable to reach a consensus on modifications to slabs and rates. The panel will also request an extension to present its final report, source said.. The panel, led by Karnataka Chief Minister Basavaraj S. Bommai, convened ahead of the 47th GST Council meeting, which will take place in Srinagar on June 28-29.
The ministerial panel will meet again to analyse potential revenue gains if slabs are consolidated or rates are raised. The GST Council meeting, which comes after a nearly six-month hiatus, is expected to focus on rate rationalisation under the goods and services tax, according to sources.
The GoM has been tasked with reviewing items with an inverted duty structure in order to reduce rebate payouts and reviewing the GST exempt list in order to broaden the tax base and avoid ITC chain breaks.
GST Council to meet in Srinagar on June 28, 29
Meeting of GoM on GST rate rationalisation on June 17
India's net direct tax receipts rose by 45-pc through June 16