GST ?||Will GST Rates Come down?||
Ahead of GST Council meetings on August 27 and September 19, there is growing demand for tax rate cuts on a variety of items, ranging from automobiles to aerated drinks and handicrafts to hotel tariffs.
While the GST Council is expected to consider correcting the inverted duty structures for sectors such as textiles, officials say rate cuts, even for select sectors, may prove challenging. Experts are also not sure if a rate cut will boost demand.
The August 27 meeting has a single-point agenda meeting the compensation requirements of States hit by revenue loss. On September 19, various proposals, including rate rationalisation and ways to boost revenues, will be taken up.
The meetings come at a time when GST collections have been slipping year-on-year: 28 per cent in April, 62 per cent in May, 91 per cent in June, and 86 per cent in July. Any proposal to lower rates, even for a brief period, will mean compromising on the revenue even more, said officials.
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GST ?||Will GST Rates Come down?|| Ahead of GST Council meetings on August 27 and September 19, there is growing demand for tax rate cuts on a variety of items, ranging from automobiles to aerated drinks and handicrafts to hotel tariffs. While the GST Council is expected to consider correcting the inverted duty structures for sectors such as textiles, officials say rate cuts, even for select sectors, may prove challenging. Experts are also not sure if a rate cut will boost demand. The August 27 meeting has a single-point agenda meeting the compensation requirements of States hit by revenue loss. On September 19, various proposals, including rate rationalisation and ways to boost revenues, will be taken up. The meetings come at a time when GST collections have been slipping year-on-year: 28 per cent in April, 62 per cent in May, 91 per cent in June, and 86 per cent in July. Any proposal to lower rates, even for a brief period, will mean compromising on the revenue even more, said officials.
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