GST Council Examining Tax Rates for Rationalisation

• Union Finance Minister Nirmala Sitharaman states that the Goods and Services Tax (GST) Council is examining tax rates item by item for rationalisation.
• The process has been delayed due to factors like COVID-19 and state elections.
• The GST Council is currently examining the issue item by item.
• Sitharaman clarifies that GST compensation cannot continue after June 30, 2022, and the cess continues to be collected.
• The GST Council is currently discussing the continuation of GST compensation.