28% slab of GST is to go: Sushil Modi
Traders may get a sigh of relief as the highest rate under the GST regime, which is 28 per cent, would soon become a thing of the past. Bihar Deputy Chief Minister and GST Network panel head Sushil Kumar Modi assured this saying that it is doable in the near future. Modi also informed that looking at pace of revenue collection coming under the regime within two-three years no State would come to the Center seeking compensation due to revenue shortfall adding that the shortfall of Jharkhand has been clocked to 17 per cent, which was 26 per cent during 2017-18. Addressing traders and businessmen of Jharkhand under the banner of the Federation of Jharkhand Chamber of Commerce and Industries (FJCCI) on Monday, Modi said that in future only three rates would remain in practice. “Rate of tax was almost similar during the pre-GST era but it was hidden since excise tax was not evident. Still the GST council is of the opinion that only three tax slab should be there. The 28 per