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GST Council to review rates in next meeting on December 18
04 Dec '19
1 min read
Pic: Shutterstock
Concerned with the shortfall in the Goods and Service Tax (GST) collection and unable to release states' share, Centre is likely to bring significant changes in the GST rates and cess levied on few items during the GST Council's next meeting on December 18. It will be the first time that the Council may raise tax rate since GST’s inception in July 2017.
Interestingly, the GST collection for November 2019 had gone up by 6 per cent to ₹1.03 lakh crore, compared to ₹95,380 crore in October, according to media reports.
The Union government is clearly facing a cash crunch which is evident, as the GST compensation paid bi-monthly to the states by the Centre is pending for the August-September 2019, the reports said.
The Council has also asked for the suggestions and proposals from states regarding certain exempted items that can be brought in under the tax slab.
Fibre2Fashion News Desk (RKS)
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