GoMs to meet on new GST rates on August 20-21
The Groups of Ministers (GoMs) are gearing up for a big meeting on August 20-21, where they'll discuss a major update to India's tax system.
The plan? Make taxes simpler and fairer, especially for the poor, farmers, middle class, and small businesses.
If approved, the current 12% and 28% tax rates could be dropped, with most things moving to just 5% or 18%.
Some products might see the highest rate of 40%, which will remain for a few products to keep government revenue steady.
New GST system could be in place by Diwali
Ministers from states like Kerala and West Bengal are part of these talks and are hopeful about getting everyone on board—even though some states worry about losing money.
The government believes this overhaul will boost spending and help the economy grow.
For now, petrol and diesel aren't part of these changes.
If all goes well, you could see the new GST system roll out by Diwali this October.