GST fitment committee proposes raising multiple tax slabs
The Goods and Services Tax (GST) fitment committee has proposed raising multiple tax slabs under the regime. It has reportedly proposed raising the five per cent tax slab to seven per cent and the 18 per cent slab to 20 per cent. There are about 40 items which are being considered for rate hike. The committee has also proposed increasing GST on precious metals like gold and silver from three per cent to five per cent. A Group of Ministers (GoM), headed by Karnataka chief minister Basavaraj Bommai, is scheduled to meet on 27 November 2021 to discuss these measures with an eye to simplify and rationalise the GST slabs.