GoM constituted to rationalize GST rates

The Finance Ministry has constituted a Group of Ministers (GoM) to rationalize the GST rates. A separate GoM has been constituted to reform the system to check GST revenue evasion. The decision to constitute both the GoMs was taken in the meeting of the GST Council held on 17th September.

To rationalize GST rates, the GoM has been formed under Karnataka Chief Minister Bommai’s leadership. In this, Bengal Finance Minister Amit Mitra, Kerala Finance Minister KN Balagopal have also been given place. This GoM will review those items which are not currently attracting GST. The aim is to widen the GST net and break the Input Tax Credit (ITC) chain.

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