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Taxing times: GST rate likely to be raised, categories to be reduced: reports

Oct 12, 2021 13:15 IST | By Editorji News Desk

Get ready to pay more tax for food and consumption goods as The Mint reports the Finance Minister led GST panel could rework the current tax system to reduce the category and potentially raise the tax rate. 

Currently under the 4 tax slab GST regime, essentials such as food items attract the lowest rate of 5% while luxury goods see a levy of 28%, the highest of the 4 rates. Mint reports quoting unnamed officials, that two lowest rates (5% and 12%) could be raised by a percentage point each to 6% and 13% while the number of categories could be reduced to three. 

The govt's GST collection has been over the Rs 1 lakh crore mark for the last 3 months. 

Taxing times: GST rate likely to be raised, categories to be reduced: reports

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