- It has been suggested by GST panel to increase GST rate.
- It is expected to increase revenue by approximately ₹1000 crore per month.
- At present, the GST structure is as follows :
- The decision of restructuring might be taken in this month itself, after GST COUNCIL meeting.
- Auto sector is currently not a part of this restructure as it’s not expected to provide significant gain.
- Restructuring might bring exempted goods into ambit of tax. It is expected to bring change as below.
- With inflation to be kept in mind, actual increase in price will not be seem too much for common people.
- It is expected that “zero rate” tax products might not be touched.
- Only lower rate products will be increased so as to increase revenue.
- PROPOSED changes are expected to come by next week.
- It is expected to bring all the necessary changes to increase revenue and to bring two rate structure.
GST Panel might increase rates to boost revenue
December 7, 2019
