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Economy

End of road for GST rate cuts? Council to mull tax revamp

Updated : December 04, 2019 03:22 PM IST

A major revamp of goods and services tax structure is on cards when the GST Council meets during second fortnight of December to review the existing tax structure and compensation cess rates as part of a larger exercise to shore up revenue.
The upcoming GST Council meeting is expected to focus on bringing exempted items under the tax net while considering changes in tax rates and compensation cess for other products with the prime idea to boost GST revenue and prevent delays in payment of compensation cess to states.
As part of efforts to take states on board on its plan to see increase in GST revenue and formalise action plan for the next GST Council meeting, finance minister Nirmala Sitharaman also met state finance ministers of a few states on Wednesday.
End of road for GST rate cuts? Council to mull tax revamp
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