5% GST slab may be increased to 6%: Panel considering ways to boost revenue

The panel for shoring up muted goods and services tax (GST) collection is examining slab restructuring by increasing the 5 per cent rate to 6 per cent to begin with — a move that can result in additional revenues of Rs 1,000 crore per month. The 5 per cent slab covers essential commodities like basic clothing, footwear, and food items. The exercise assumes GST collection of Rs 1 trillion a month. According to the official data, the 5 per cent slab accounts for roughly 5 per cent of GST collection.  However, the government’s monthly GST collection target is around R.....

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