New Delhi: The Central Board of Indirect Taxes & Customs (CBIC) which is responsible for administering Indirect Taxes in India, Tuesday, refuted reports doing rounds that a hike in GST in several items is in the pipeline.
CBIC issued a statement and dismissed reports that GST on cigarettes, tobacco, aerated beverages may be hiked to 35 per cent. The reports also claimed that readymade garments with a price tag of Rs 1,500 would attract 5 per cent GST, and the products ranging between Rs 1,500 and Rs 10,000 would attract 18 per cent. It termed the GST hike reports as “premature and speculative” and categorically stated that the GST Council has not yet deliberated on any GST rate changes. Finance Minister Nirmala Sitharaman-led GST council meeting will meet on December 21.
Full statement of CBIC
“There are various reports in the media regarding the Group of Ministers (GoM) recommendations on GST rate changes regarding various goods and services. The reports in public media on the basis of GoM deliberations are premature and speculative.
A Group of Ministers (GoM) was constituted to look into the GST rate rationalization apart from certain other issues referred by the GST Council. The GoM comprises of Hon’ble Ministers from the States of Bihar, Uttar Pradesh, Rajasthan, West Bengal, Karnataka and Kerala with the Hon’ble Deputy Chief Minister of Bihar as the Convenor. It is the GST Council chaired by the Hon’ble Union Finance Minister and including Ministers of all the States/UTs, which is empowered to recommend GST rates including changes to them. The GoM is only a recommendatory body. The GST Council has not yet deliberated on any GST rate changes.
The Council has not even received the recommendations of the GoM. In fact the GoM has yet to finalise and present its recommendations to the Council after which the Council will take a final view on the recommendations of the GoM. The reports in the media are thus premature and speculative.”
The Central Board of Indirect Taxes & Customs (CBIC) in India has denied media reports suggesting an upcoming hike in GST rates on various items, including cigarettes, tobacco, aerated drinks, and readymade garments. The CBIC clarifies that the Group of Ministers (GoM) has yet to finalize its recommendations, and the GST Council hasn’t even received them. Economy Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
