CHENNAI: Many stakeholders of Tamil Nadu Foodgrains Merchants Association Limited (TNFMAL), Madurai have sought the intervention of Nirmala Sitharaman, Union Minister of Finance to clarify the existing position of Goods and Service Tax (GST) and rumours of higher GST rates, SVSS Velshankar, president of TNFMAL, Madurai said on Saturday.
Since the implementation, 3%, 5%, 12%, 18% and 28% rates of taxation have been followed to date. Considering the amount of revenue earned, it was announced at the previous council meeting that the GST rates would be rationalised.
Earlier, certain products were levied at a higher rate of taxation under the GST. When this issue was taken to the attention of the GST Council, the rates were reduced.
However, recently, on social media, there’s a rumour circulating, that under the GST the rate of taxation slab will be only 5% and 18%. The TNFMAL requested the Centre to clarify the rumours.