GST Reforms: Group of Ministers to Meet This Week, Rollout Likely Before Diwali
18-Aug-2025 09:51 AM
GST Reforms: Group of Ministers to Meet This Week, Rollout Likely Before Diwali
★ Prime Minister Narendra Modi, in his Independence Day address, underlined the importance of GST reforms, saying they would benefit the common man, farmers, the middle class, and MSMEs.
★ The Group of Ministers (GoM), comprising ministers from Kerala, Uttar Pradesh, Rajasthan, West Bengal, Bihar, and Karnataka, is scheduled to meet this week to discuss the proposals.
★ According to the Finance Ministry’s internal analysis, the proposed two-slab GST structure (5% and 18%) would keep collections at least as high as current levels. Essential goods and inputs for farmers and small businesses would fall under the 5% bracket, while the rest would attract 18%.
★ The reforms also aim to simplify processes with pre-filled returns, faster automated refunds, easier registration, and a user-friendly notice system. The government expects this to improve compliance, reduce disputes, and boost revenue.