The GST Council will meet on Wednesday to review the taxation structure for shoring up the revenue as lower-than-expected collections has led to a delay in compensation payment to States.
Some States like West Bengal have opposed any hike in cess rates or rate calibration amid a slowdown in economy, stating that consumers as well as the industry are passing through a distressing time. With revenue shortfall looming large, there have been suggestions for raising GST rate and cess to meet the gap. The GST Council headed by Finance Minister Nirmala Sitharaman had sought suggestions from States on review of GST and compensation cess rates on various items, rate calibrations for addressing the inverted duty structure, compliance measures other than those currently under implementation to augment revenue.