Uttar Pradesh Finance Minister Khanna Likely To Be Convenor Of GST Rate Rationalisation Panel

Uttar Pradesh Finance Minister Suresh Kumar Khanna is likely to be named the convenor of the 7-member GST rate rationalisation panel, an official said.

Besides, Bihar Finance Minister Vijay Kumar Choudhary would replace Tarkishore Prasad as a member in the Group of Ministers (GoM).

Also, Karnataka Revenue Minister Krishna Byre Gowda will be included as a member in the panel.

An office memorandum in this regard is likely to be issued shortly, the official said.

"Uttar Pradesh Finance Minister Suresh Kumar Khanna is likely to be the convenor and there will be changes in the names of two members in the panel," the official told PTI.

The other members of the GoM are West Bengal Finance Minister Chandrima Bhattacharya, Goa Legislative Affairs Minister Mauvin Godinho, Kerala Finance Minister K N Balagopal, and Rajasthan Urban Development Minister Shanti Kumar Dhariwal.

As a practice, the senior-most member in a GoM becomes the convenor of the panel.

The position of convenor of the GoM on GST rate rationalisation fell vacant after former Karnataka chief minister Basavaraj Bommai, who was the convenor of the panel, demitted office in May this year.

The GoM on GST rate rationalisation was set up in September 2021 by the GST Council, which is chaired by Union finance minister and comprises state counterparts.

The Bommai-panel had submitted an interim report to the GST Council in June 2022, proposing changes in tax rates for some goods and services to rationalise the levy.

The GoM was mandated to suggest required rate rationalisation and correction of inverted duty structure with an objective of simplifying the rate structure, reviewing the GST exemption list and enhancing GST revenues.

Currently, the GST regime has five broad tax slabs of zero, 5, 12, 18, and 28 per cent. A cess is levied over and above the highest 28 per cent rate on luxury and demerit goods.