Finance Minister Nirmala Sitharamn hints that 5% GST slab may be hiked to 6%. Also says personal income tax rate may be tweaked.
Underway: Finance Minister Nirmala Sitharaman on Thursday said reforms to provide the slowing Indian economy with the much-needed filip will continue, hinting at tweaking personal income tax rates in the upcoming Budget. Financial Express
In a bid to shore up muted Goods and Services Tax (GST) collections and increase revenue, the GST Council is reportedly considering revamping tax structure and raising the existing 5% rate to 6%.
The 5% slab includes essential commodities such as food items, footwear and basic clothing, currently contributes to nearly 5% of GST collection and a slab restructuring may help the government garner additional revenues of INR1,000cr per month. Business Today
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