New Delhi: According to the media reports, the Central government is likely to increase the 5 per cent slab of Goods and Services Tax (GST) to 6 per cent to increase revenue. The steps are being taken to meet the growing revenue concern.
At present, the GST has four slabs of 5 per cent, 12 per cent, 18 per cent and 28 per cent. The essential commodities like food items, footwear and basic clothing are included under 5 per cent GST slab. The monthly collection of GST is targeted at Rs 1.18 lakh crore. If the government gives the nod for GST hike, then it means GST on sugar will also hike.
The GST panel will be meeting on December 18 to examine the measures to increase revenue, including review of tax structure and other issues. The GST council has sought suggestions from all the states in this regard.
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