<p>The finance ministry has started the process of deciding on a new convenor of the GoM on GST rate rationalisation, sources said.</p>.<p>The position has been lying vacant following the change of government in Karnataka. Former Karnataka chief minister Basavaraj Bommai was the convenor of the seven-member Group of Ministers (GoM) set up under the GST Council in September 2021.</p>.<p>The finance ministry has initiated the process of consultation with other members of the panel.</p>.<p>"Karnataka is likely to continue as a member of the GoM. We are not proposing any convenor. It will be selected based on consultation among GoM members," one of the sources told <em>PTI.</em></p>.<p><strong>Also Read:<a href="https://www.deccanherald.com/business/business-news/gst-collection-rises-12-to-rs-157-lakh-crore-in-may-1223919.html" target="_blank"> GST collection rises 12% to Rs 1.57 lakh crore in May</a></strong></p>.<p>Besides Karnataka, other members of the GoM are Bihar, Goa, Kerala, Uttar Pradesh, Rajasthan, and West Bengal.</p>.<p>Usually, the senior-most member in a GoM is named as the convenor of the panel.</p>.<p>Since current Karnakata Chief Minister Siddaramaiah also holds the finance portfolio, he may be named as the new convenor of the GoM on rate rationalisation.</p>.<p>The GST Council, which is headed by the Union Finance Minister and comprises state counterparts, had in September 2021 decided to set up a GoM on rate rationalisation and correction of inverted duty structure. The objective was to simplify the rate structure, review the GST exemption list and enhance GST revenues.</p>.<p>In June 2022, the GoM submitted an interim report to the GST Council proposing changes in tax rates for some goods and services to rationalise the levy.</p>.<p>The GST report, which was accepted by the council, suggested 5 per cent GST on 'pre-packaged and labelled' curd, lassi, puffed rice, and wheat flour, which are usually produced by large manufacturers, besides correction in inverted duty for a host of items, including edible oil, coal, LED lamps, printing/drawing ink, finished leather and solar water heater.</p>.<p>Currently, the GST regime has five broad tax slabs of zero, 5, 12, 18, and 28 per cent. A cess is levied over and above the highest 28 per cent rate on luxury and demerit goods.</p>
<p>The finance ministry has started the process of deciding on a new convenor of the GoM on GST rate rationalisation, sources said.</p>.<p>The position has been lying vacant following the change of government in Karnataka. Former Karnataka chief minister Basavaraj Bommai was the convenor of the seven-member Group of Ministers (GoM) set up under the GST Council in September 2021.</p>.<p>The finance ministry has initiated the process of consultation with other members of the panel.</p>.<p>"Karnataka is likely to continue as a member of the GoM. We are not proposing any convenor. It will be selected based on consultation among GoM members," one of the sources told <em>PTI.</em></p>.<p><strong>Also Read:<a href="https://www.deccanherald.com/business/business-news/gst-collection-rises-12-to-rs-157-lakh-crore-in-may-1223919.html" target="_blank"> GST collection rises 12% to Rs 1.57 lakh crore in May</a></strong></p>.<p>Besides Karnataka, other members of the GoM are Bihar, Goa, Kerala, Uttar Pradesh, Rajasthan, and West Bengal.</p>.<p>Usually, the senior-most member in a GoM is named as the convenor of the panel.</p>.<p>Since current Karnakata Chief Minister Siddaramaiah also holds the finance portfolio, he may be named as the new convenor of the GoM on rate rationalisation.</p>.<p>The GST Council, which is headed by the Union Finance Minister and comprises state counterparts, had in September 2021 decided to set up a GoM on rate rationalisation and correction of inverted duty structure. The objective was to simplify the rate structure, review the GST exemption list and enhance GST revenues.</p>.<p>In June 2022, the GoM submitted an interim report to the GST Council proposing changes in tax rates for some goods and services to rationalise the levy.</p>.<p>The GST report, which was accepted by the council, suggested 5 per cent GST on 'pre-packaged and labelled' curd, lassi, puffed rice, and wheat flour, which are usually produced by large manufacturers, besides correction in inverted duty for a host of items, including edible oil, coal, LED lamps, printing/drawing ink, finished leather and solar water heater.</p>.<p>Currently, the GST regime has five broad tax slabs of zero, 5, 12, 18, and 28 per cent. A cess is levied over and above the highest 28 per cent rate on luxury and demerit goods.</p>