Common man will get relief from inflation! Preparations underway to reduce GST rates on more than 100 items including medicines

New Delhi. Common man struggling with inflation can get a big relief in the coming days. Because, the Central government is planning to change the GST rates on more than 100 goods. These include many items including essential medicines, bikes. In fact, the Group of Ministers (GoM) of the Central Government has intensified the exercise of reforming the GST rates, in which plans are being made to revise the tax rates on more than 100 items.

In this regard, West Bengal Finance Minister Chandrima Bhattacharya said that GST is being considered to be reduced from 12% to 5% and the next meeting will be held on October 20. These 100 items include important items like bikes and bottled water.

The ministerial panel to rationalize GST rates has discussed proposals to rework rates on more than 100 items, besides merging the 12% and 18% slabs, but will analyze it before finalizing its recommendations.

How much will GST rates be reduced?

FM Chandrima Bhattacharya said that tax rates on items used by the common man should be reduced and GST rates on food items should be brought down from 12 percent to five percent. Currently, 12 percent GST is levied on motorcycles and its parts and accessories, while five percent tax is levied on e-cycles.

West Bengal Finance Minister Chandrima Bhattacharya said that GST rates will be looked into by the Fitment Committee. In this, GST rates will be reduced on some items, which are used by common people. At the same time, rates of some luxury items will increase, so that there is no loss of revenue.

In a meeting of the Group of Ministers led by Bihar Deputy CM Samrat Chaudhary in Goa on Wednesday, changes in rates on food products, agricultural commodities, fertilizers, stationery and other items were discussed. During this, the issue of reducing tax rates on some items from 12% to 5% was included. Currently, the GST system is a four-tier tax structure, with slabs of five, 12, 18 and 28 percent.