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News GST

  • Jun 12, 2019
  • GST rates: Centre to resist demand for pruning 28% slab

    Several state governments are pitching for a further pruning of the highest GST slab of 28% but the GST Council meeting scheduled for June 20 here is unlikely to take a decision on this, as the Centre is wary of the revenue implications of the move.Two important items for which a rate cut to 18% has been sought are two wheelers and cement, for which the annual revenue impacts are seen to be Rs 8,400 crore and Rs 12,000 crore respectively. Clearly, for the Centre, which has seen a huge GST revenue shortfall of `1.6 lakh crore (against the original Budget estimate) and has set a daunting target of `1.14 lakh crore/month for the current fiscal, rate cuts on these items are unaffordable.