GST Council meets next Friday; tax rate cut to hinge on revenue position
The all-powerful GST Council will at its Goa meeting next week consider demands for reducing taxes on products ranging from cars to biscuits keeping in mind the revenue position as any cut will have a direct impact on earnings of states, a senior government official has said.
The GST Council, headed by Union Finance Minister Nirmala Sitharaman and comprising representatives of all states and Union Territories (UTs), is scheduled to meet on September 20 in Goa amidst a clamour for a cut in tax rates from various industries to beat the slowdown in the economy.
The economic growth hit a six-year low of 5 per cent for the first quarter of the current fiscal and the government has announced a slew of measures to reinvigorate the sagging growth.
There have been demands pouring in from various sectors from biscuits to automobiles and FMCG to hotels to reduce tax rates in the wake of perceived economic slowdown, the official said.
The argument propagated has been to boost the consumption and .