New Delhi: The Goods and Services Tax council may revise the tax structure amid growing concerns over the government’s revenue generation. The lowest slab of 5 per cent rate may be raised to 6 per cent which will help the government garner additional revenue of Rs 1,000 crore per month.
The GST has four slabs of 5 per cent, 12 per cent, 18 per cent and 28 per cent. Essential commodities fall under the 5 per cent slab.
According to the official data, the 5 per cent slab accounts for close to 5 per cent of GST collection, 60 per cent from the 18 per cent slab, 13 per cent from the 12 per cent slab and 22 per cent from the 28 per cent slab.
The auto sector is not currently being considered in this restructure, but rates for cigarettes and aerated drinks can go up, according to reports.
Meanwhile, finance minister Nirmala Sitharaman on Saturday invited those who are interested in providing suggestions on simplifying and easing the Goods and Services Tax (GST) filing process.
“A gentle reminder: Today, 7 December, all GST offices will be ready to receive suggestions on simplifying/easing the filing process. Invite those interested in providing suggestions to kindly approach the nearest office,” Sitharaman tweeted.