Reports about GST rate changes on various goods are premature and speculative, says CBIT
The Hindu
CBIT and Customs clarify that reports on GST rate hike are premature and speculative, pending final recommendations from GoM.
Statement from the Central Board of Indirect Taxes (CBIT) and Customs on GST rate hike reports that have been doing the rounds since last night
There are various reports in the media regarding the Group of Ministers (GoM) recommendations on GST rate changes regarding various goods and services. The reports in public media on the basis of GoM deliberations are premature and speculative.
A Group of Ministers (GoM) was constituted to look into the GST rate rationalization apart from certain other issues referred by the GST Council. The GoM comprises of Hon’ble Ministers from the States of Bihar, Uttar Pradesh, Rajasthan, West Bengal, Karnataka and Kerala with the deputy Chief Minister of Bihar as the Convenor.
It is the GST Council chaired by the Union Finance Minister and including Ministers of all the States/UTs, which is empowered to recommend GST rates including changes to them.
The GoM is only a recommendatory body. The GST Council has not yet deliberated on any GST rate changes.
The Council has not even received the recommendations of the GoM. In fact the GoM has yet to finalise and present its recommendations to the Council after which the Council will take a final view on the recommendations of the GoM. The reports in the media are thus premature and speculative.
CBIT and Customs clarify that reports on GST rate hike are premature and speculative, pending final recommendations from GoM.
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