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.

However, West Bengal Finance Minister Amit Mitra lashed out at the Centre for hasty implementation of GST saying that though the states had estimated a losses of Rs 55,000 crore in the full fiscal on account of GST, the losses incurred have already crossed Rs 39,000 crore in the first four months of the indirect tax regime.