The finance ministry has confirmed that there is currently no pending report from the Group of Ministers (GoM) regarding rate rationalisation for consideration by the GST Council.

Minister of State for Finance, Pankaj Chaudhary, addressed this in the lower house of Parliament, clarifying that discussions about reducing tax rates on various items from 12 percent to 5 percent, as suggested by a panel of state ministers, are not on the agenda.

The GST Council is scheduled to meet on December 21, following the GoM's establishment during the council's 45th meeting on September 17, 2021, to evaluate the indirect tax regime.

This announcement comes after the Central Board of Indirect Taxes and Customs (CBIC) indicated that the GoM has yet to submit its recommendations to the GST Council, which holds the authority to make final decisions on tax matters.