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GST council mulls tax revamp
A major revamp of goods and services tax structure is on cards when the GST Council meets during second fortnight of December to review the existing tax structure and compensation cess rates as part of a larger exercise to shore up revenue.
New Delhi: A major revamp of goods and services tax structure is on cards when the GST Council meets during second fortnight of December to review the existing tax structure and compensation cess rates as part of a larger exercise to shore up revenue.
Unlike the past, when meetings of the Council largely focused on rate cuts on host of goods and services to bring about uniformity in the taxation, the forthcoming GST Council meeting is expected to focus on bringing exempted items under the tax net while considering changes in tax rates and compensation cess for other products with the prime idea to boost GST revenue and prevent delays in payment of compensation cess to states.
Sources said that GST rates on several finished product may also see an increase as the Centre is also looking to correct the inverted duty structure where inputs and raw material attract higher duty than finished products.
