A subpanel of the Goods and Services Tax (GST) Council was scheduled to hold a three-day discussion, commencing May 4th, to assign all goods and services to the predetermined GST tax slabs. This committee, composed of both central and state representatives, aimed to finalize the tax rate alignment by the end of that week. The proposed rates would then require approval during the subsequent GST Council meeting on May 18th in Srinagar. The primary objective of this fitment committee was to ensure that the new GST tax brackets closely mirrored the existing effective tax rates for goods and services. This development was also reported by LiveMint.
GST Subpanel to Determine Tax Rates
A GST subpanel is working to align tax slabs with existing rates. Recommendations will be presented at the May 18 Council meeting.
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