CBIC Clarifies: No GST Rate Changes Finalized Yet
The Central Board of Indirect Taxes and Customs (CBIC) clarified on December 3, 2024, that the GST Council has not deliberated on any changes to GST rates, as the Group of Ministers (GoM) on rate rationalization has yet to finalize its recommendations.
Media Speculation Premature
CBIC addressed media reports speculating on potential rate changes, labeling them as unfounded and premature. The board emphasized:
Role of GoM: The GoM is a recommendatory body tasked with studying GST rate rationalization and other related issues.
Composition of GoM:
Includes ministers from Bihar, Uttar Pradesh, Rajasthan, West Bengal, Karnataka, and Kerala.
Convened by Bihar’s Deputy Chief Minister.
Decision-Making Authority: Only the GST Council, chaired by the Union Finance Minister and comprising state and UT ministers, has the power to finalize GST rate changes.
Current Status
- The GoM is still working on its proposals.
- Recommendations have not been submitted to the GST Council.
- The GST Council has not yet deliberated or taken any decisions on potential changes.
CBIC’s Reminder
CBIC stressed the need to await official updates from the GST Council for accurate information, discouraging reliance on speculative reports.
This clarification reinforces the structured decision-making process for GST rate changes, maintaining transparency and accuracy in public discourse.
