Awaiting action. GST rejig likely only after 2024 LS polls
Rationalization of Goods & Services Taxes (GST) likely to be put off for post general election i.e., 2024. “GST rates are critical not just from inflation point of view, but also it is highly politically sensitive issue. We may see complete overhaul of GST rates once Lok Sabha election got over in 2024,” a senior Government official told business line. Retail inflation based on Consumer Price Index (CPI) has been above the upper tolerance level of targeted range of 2-6 per cent and likely to stay for some more time. while median rate of 4 per cent is remote possibility. A Group of Ministers, under the convenorship of Chief Minister of Karnataka Basavaraj Somappa Bommai, is going through rate rejig exercise. The Committee did give an interim report, post which Council recommended some rate change in June such as pre-packaged - pre-labelled items beside others. However, final report awaited.
