GST rates will continue to decline: Sitharaman Nirmala

The work to rationalize tax rates and slabs has "almost reached a finale," according to Finance Minister Nirmala Sitharaman, who stated on Saturday that the GST rates will continue to decline.

According to her, the revenue neutral rate (RNR) decreased from 15.8% on July 1, 2017, when the GST was introduced, to 11.4% in 2023. "It will descend even more deeply," the minister continued.

In September 2021, a group of ministers (GoM) was established by the GST Council, led by Sitharaman and including her state counterparts, to rationalize GST rates and propose slab adjustments. The six states' finance ministers make up the GoM.