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5% GST Slab May Be Raised To 6% As Govt Looks To Increase Revenue

7 Dec 2019 10:17 am
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NEW DELHI (Commoditiescontrol) - A GST (Goods and Service Tax) Council meeting is likely to rejig the slabs and raise the existing 5 percent rate to 6 percent that can help to garner additional revenues.

As of now, the GST has four slabs of 5 percent, 12 percent, 18 percent and 28 percent. The 5 percent tax slab includes household necessities such as edible oil, sugar, spices, tea, and coffee (except instant) are included. The tax slab also covers coal, sweets, life-saving drugs, basic clothing and footwear.

According to the government data, the 5 percent slab contributes to nearly 5 percent of GST collection.

The Centre’s monthly GST collection target is about Rs 1.18 lakh crore. However, with rising the tax slab, it is expected to bring in additional revenue of Rs 1,000 crore per month.

The GST panel, chaired by the union finance minister and comprising finance ministers of states, will meet on 18 December to examine various measures to boost revenue collection, including review of the tax structure, compensation cess rates and exempted items.


       
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