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Govt to focus on GST rejig after budget on February 1, says report

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A major focus area will be to address revenue shortfall and compensation to states for their GST-related losses.

Govt to focus on GST rejig after budget on February 1, says report
The Centre will hold fresh negotiations to overhaul the goods and services tax after the Union budget is presented on February 1, according to a Livemint report.
Finance ministers of central and state governments will discuss restructuring GST slabs and rates as well as ways to address revenue shortfall along with the GST compensation to states in the next fiscal beginning April 1, the report added.
A major focus area will be to address revenue shortfall and compensation to states for their GST-related losses, an issue which could put the Centre-state ties and the stability of GST to test, the report said.
Since the roll-out of GST, tax cuts and exemptions have made it revenue-deficient rather than revenue-neutral, as originally envisaged, the Mint report added.
At the GST Council’s meeting on 18 December, officials made a presentation on revenue trends and suggestions on rejigging tax rates and slabs, but the council decided against taking it up due to the economic slowdown, the report further added.
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