Hyderabad, Aug 21 (Maxim News): The Central government has recently approved the removal of 12 percent and 28 percent slab tax rates as part of the GST reforms. With this, the existing GST tax slabs will be reduced to two in the coming period. While GST is currently being collected on various items under 5 percent, 12 percent, 18 percent and 28 percent slabs, it has been revealed that after the removal, only 5 percent and 18 percent slabs are likely in the future. The government, which has formed a group of six ministers, has recently approved these changes.
It is known that Prime Minister Modi made a key announcement about GST reforms in his speech from the Red Fort on Independence Day recently. However, it has been revealed that there are objections from some states on this proposal. At present, they have only made a recommendation to the GST Councilabout the abolition of slabs and the final decision on it will be in the hands of the GST Committee, said Chowdhury, who is leading the Group of Ministers. (Maxim News)
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