GST Rates Set for Further Reduction

• Finance Minister Nirmala Sitharaman announced that GST rates will be reduced further, with the rationalisation process nearing completion.
• The Revenue Neutral Rate (RNR) has dropped from 15.8% in 2017 to 11.4% in 2023, and further reductions are expected.
• The GST Council, chaired by Sitharaman, is close to finalising key changes, including rate reductions and slab adjustments.
• Sitharaman highlighted global uncertainties affecting stock market volatility and emphasized the government's commitment to protecting small and medium enterprises.
• The government aims to increase retail investor participation in public sector banks and is closely monitoring trade patterns to prevent unfair competition.

Source: Business News India, Zee News