GST Council plans to raise 5% tax slab to 8% : Report2 min read . Updated: 07 Mar 2022, 09:59 AM IST
- The increase in tax slab from 5% to 8% may yield an additional ₹1.50 lakh crore annual revenues.
- GST Council is looking to create GST a 3-tier structure with revision of rates at 8%, 18%, and 28%, respectively
The GST Council in its next meeting might raise the lowest tax slab to 8%, from 5%, according to a report by the PTI news agency, citing sources. A panel of state finance ministers is likely to submit its report by this month end to the Council suggesting various steps to raise revenue, including hiking the lowest slab and rationalising the slab.
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