New Delhi: Due to the slowdown in the country, many industries and businesses are distressed. They are waiting for help from the government. The main concern of the industries is about GST rates. They want to cut it. The GST Council is scheduled to meet on 20 September. But the tax rates are not likely to be cut in this meeting due to a decrease in revenue collection. According to sources, in the meeting of the fitment committee of the GST Council last week, the demand from industry and various groups to reduce GST rates on many goods and services was considered.
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But the committee has avoided recommending a reduction in GST rates due to the non-expected increase in GST collections. The committee members are of the view that this time the reduction in GST rates will cause a huge loss of revenue, so this decision should be left to the council. The council has not reviewed the GST collection for the past several months.
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Therefore, after discussion in the council, it will be decided whether to decide in this regard or not. The total GST collection for the period April to August has been just Rs 5,14,378 crore, which is just 6.38 percent more than the Rs 4,83,527 crore collected in the same period last year. The car industry is the most troubled by the recession. The auto industry wants the government to reduce the rate of GST.
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