GST: Move to raise lowest slab to 8%
New Delhi: Looking for various ways to augment revenue for the states and reduce their dependence on the Centre for compensation, the GST Council, in its forthcoming meeting, is likely to push for raising the lowest tax slab to 8 per cent from 5 per cent currently. Besides, luxury and sin goods attract cess on top of the highest 28 per cent slab, and this cess collection is used to compensate states for the revenue loss arising from the GST rollout. When the GST regime was introduced on July 1, 2017, the Centre had agreed to compensate states for five years till June 2022, and protect their revenue at 14 per cent per annum over the base year revenue of 2015-16. It has been observed that over this five-year period, due to reduction in GST rates on several items, the revenue neutral rate has come down from 15.3 per cent to 11.6 per cent.
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