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GST should be brought under a rate structure, CII President Sanjeev Puri raised the demand
GST: Currently there are five rates of GST, which include zero percent, 5 percent, 12 percent, 18 percent, and 28 percent. There is no GST on essential and food products. 5 percent GST is levied on products of general use and large-scale use.
The GST Council will hold its 53rd meeting on June 22, 2024. Before this conference, the Confederation of Indian Industries (CII) urged that GST be divided into three rates and that the rates be adjusted. According to CII President Sanjeev Puri, the Council should simplify GST and introduce a three-rate system. Additionally, the rates should be altered.
GST is currently charged at five rates: zero percent, five percent, twelve percent, eighteen percent, and twenty-eight percent. GST is not levied on necessary or food products. GST of 5% is applied on both general and large-scale consumption products. The standard interest rates are 12 and 18 percent. At the same time, luxury products, tobacco, and demerit products attract 28 percent GST. Sanjeev Puri stressed that petroleum products, electricity, and real estate should also be brought under the ambit of GST.
On Tuesday, Union Petroleum and Natural Gas Minister Hardeep Singh Puri also said that his ministry is considering bringing petrol, diesel, and ATF under the ambit of GST. Sanjeev Puri advised that inter-state institutional platforms like the GST Council should be created. Also, the cost of land, electricity, and logistics should be reduced to promote trade. The stamp duty on land transfer to the states should be reduced to 3-5 percent. Regarding the upcoming budget, he suggested that a green fund should be created, which can deal with the challenges of climate change.
