RevenueLoss

GST Shake-Up: States Demand Compensation for Proposed Revenue Loss

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GST Shake-Up: States Demand Compensation for Proposed Revenue Loss

Eight opposition-ruled states in India are demanding compensation from the central government for potential revenue losses under a proposed new GST structure. The states—Himachal Pradesh, Jharkhand, Kerala, Punjab, Tamil Nadu, Telangana, West Bengal, and Karnataka—are concerned that the government’s plan to reduce the number of GST slabs from four to two (5% and 18%) will … Read more

GST Overhaul: A Two-Slab System and a ₹2 Lakh Crore Problem

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GST Overhaul: A Two-Slab System and a ₹2 Lakh Crore Problem

The Proposed GST Shake-Up and States’ Concerns A major overhaul of the GST system is on the table, with the central government proposing to simplify the current four-tier tax structure into just two slabs: 5% and 18%. This would replace the existing 5%, 12%, 18%, and 28% rates. A separate 40% slab is also being … Read more