New Delhi: The Goods and Service Tax (GST) Council, chaired by Finance Minister Nirmala Sitharaman, is set to meet on Friday, December 31 and discuss, among other things, report of the panel of state ministers on rate rationalisation.  

“This will be a physical meeting, which will also discuss correction in duty inversion in certain goods. The 46th GST Council meeting will be held on December 31 in Delhi”, an official said, adding that it will be an extension to the pre-budget meeting with state finance ministers on December 30.

The Group of Ministers  on rate rationalisation will submit report to the Council. The panel has reviewed items under an inverted duty structure to help minimise refund payout. In addition, the Fitment committee, comprising tax officers from states and the Central government, has made many "sweeping" recommendations to the Group of Ministers regarding slab and rate changes and taking items out of the exemption list. Currently, GST is a fourtier slab structure of 5, 12, 18 and 28 percent. Essential items are either exempted or taxed at the lowest slab, while luxury and demerit items attract the highest slab. On the top of the highest slab, a cess is levied on luxury and demerit goods.

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