<p>Chief Minister Basavaraj Bommai on Thursday told the Karnataka Assembly that the group of ministers he heads on rationalising GST rates will submit its final report in January or February. </p>.<p>Bommai said this during a debate on the supplementary estimates worth Rs 3,577 crore that was passed in the Assembly.</p>.<p>"I have held two meetings of the GoM so far and I'm happy to say that I've been able to take everybody along - CPI, Congress, BJP and others. We've been successful bringing everybody on the same platform," he said, adding that he expects GST revenues to go up after the rates are rationalised. </p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/state/gst-compensation-to-karnataka-in-phases-centre-1061151.html">GST compensation to Karnataka in phases: Centre</a></strong></p>.<p>At present, there are four slabs - 5%, 12%, 18% and 28% - under the GST. The Bommai-led GoM is reportedly discussing reducing the number of slabs by merging the 5% and 12% slabs or the 18% and 28% slabs. The GoM may also consider reviewing the list of goods and services that are currently exempted. </p>.<p>Bommai, who is also the finance minister, said he is in the middle of multiple challenges. "There's the post-Covid recovery that we need to focus on, then there's the threat of a new wave, then the GST compensation regime is ending and our expenditure is rising. I'm in the middle of all this," he said, adding that he wants to focus on solutions. </p>.<p>Laying out statistics, Bommai said Karnataka had achieved 67% of the target own-tax revenue collection by the end of November. The achievement is 71% in commercial taxes, 68% in excise, 66% in stamps & registration and 54% in motor vehicles tax. </p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/economy-business/from-scrapping-retro-tax-law-to-record-gst-mop-up-2021-a-year-of-many-firsts-for-revenue-dept-1063817.html">From scrapping retro tax law to record GST mop-up, 2021 a year of many firsts for revenue dept</a></strong></p>.<p>"Even during Covid-19, we haven't fallen behind revenue collection," he said. "There are goods that have a higher tax potential. For example, on areca nut, we got Rs 8 crore excess GST in just one week. Like that, there are products that have been neglected and we're concentrating on them," he said. </p>.<p>Former Congress minister Krishna Byre Gowda warned Bommai that Karnataka is headed towards "a big disaster" financially. "Our revenue sources are drying up while expenses are rising," he said. </p>.<p><strong>Watch the latest DH Videos here:</strong></p>
<p>Chief Minister Basavaraj Bommai on Thursday told the Karnataka Assembly that the group of ministers he heads on rationalising GST rates will submit its final report in January or February. </p>.<p>Bommai said this during a debate on the supplementary estimates worth Rs 3,577 crore that was passed in the Assembly.</p>.<p>"I have held two meetings of the GoM so far and I'm happy to say that I've been able to take everybody along - CPI, Congress, BJP and others. We've been successful bringing everybody on the same platform," he said, adding that he expects GST revenues to go up after the rates are rationalised. </p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/state/gst-compensation-to-karnataka-in-phases-centre-1061151.html">GST compensation to Karnataka in phases: Centre</a></strong></p>.<p>At present, there are four slabs - 5%, 12%, 18% and 28% - under the GST. The Bommai-led GoM is reportedly discussing reducing the number of slabs by merging the 5% and 12% slabs or the 18% and 28% slabs. The GoM may also consider reviewing the list of goods and services that are currently exempted. </p>.<p>Bommai, who is also the finance minister, said he is in the middle of multiple challenges. "There's the post-Covid recovery that we need to focus on, then there's the threat of a new wave, then the GST compensation regime is ending and our expenditure is rising. I'm in the middle of all this," he said, adding that he wants to focus on solutions. </p>.<p>Laying out statistics, Bommai said Karnataka had achieved 67% of the target own-tax revenue collection by the end of November. The achievement is 71% in commercial taxes, 68% in excise, 66% in stamps & registration and 54% in motor vehicles tax. </p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/economy-business/from-scrapping-retro-tax-law-to-record-gst-mop-up-2021-a-year-of-many-firsts-for-revenue-dept-1063817.html">From scrapping retro tax law to record GST mop-up, 2021 a year of many firsts for revenue dept</a></strong></p>.<p>"Even during Covid-19, we haven't fallen behind revenue collection," he said. "There are goods that have a higher tax potential. For example, on areca nut, we got Rs 8 crore excess GST in just one week. Like that, there are products that have been neglected and we're concentrating on them," he said. </p>.<p>Former Congress minister Krishna Byre Gowda warned Bommai that Karnataka is headed towards "a big disaster" financially. "Our revenue sources are drying up while expenses are rising," he said. </p>.<p><strong>Watch the latest DH Videos here:</strong></p>
