Reportedly said, the GST Council might lower the rate of GST on common consumables if the collection of GST remains at its high trend in upcoming few months. The first month of implementation of GST experienced a high trend and if the same continues till the end of the year (December), the officials may cut down the tax rates. Council may reduce the taxes on common consumables or it can even cut down the headline rate which will benefit consumers.

The collections (Rs.92,283 crore from just 64.42 per cent of the total taxpayer base) were higher than the finance ministry’s internal estimate of Rs 91,000 crore. 

Sources –The Economic Times

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