Life after GST: State FMs open up; expect 28% slab to shrink

State Finance Ministers open up on goods and services tax (GST) glitches and the shortfall in revenue collection.

Bihar's Deputy Chief Minister Sushil Modi, who is also a part of the GST Council has hinted that there's a consensus in the GST Council on reducing the number of GST slabs to three, that is five, fourteen and twenty eight percent respectively.

Modi, who was speaking to the media on the sidelines of FICCI's 90th AGM also said that a call on inducting petroleum products, real estate and electricity in the GST regime can be taken once GST revenues stabilise.

Meanwhile, Finance Minister of Jammu and Kashmir, Haseeb Drabu said he expects more items to be shifted to 18 percent from 28 percent slab in the next meeting.