No GST rate increase till revenue stabilises

NEW DELHI: There is no possibility of change in GST rates till GST revenue stabilises, the convenor of a panel of state ministers said on Saturday.

Speaking at Ficci’s 92nd annual convention on the theme ‘India: Roadmap to a $5 Trillion Economy’, Sushil Kumar Modi, Bihar deputy CM and convener of the group of ministers on IGST, said, “I want to assure you no state or the Centre is ready to raise tax rates. At a time when the economy is in a slowdown, if you cannot cut rates to increase consumption, at least don’t raise them.”

On the prospects of reduction in GST rates, he said, “Till GST revenue doesn’t stabilise, we can’t think of decreasing the rates. In fact, there is no possibility of change in slabs and tax rates — hike or cut — in the near future.” Modi said. The GST council, in its last meeting, had decided to consider changing tax rates only once a year and not in each meeting.