Peak GST levy may go up to 40%, 4-slab structure to remain

The Council moots raising the peak rate in the Bill to 20%: The GST levy may go up to 40% after the GST Council proposed raising the peak rate in the Bill to 20%, from the current 14%, to obviate the need for approaching Parliament for any change in rates in future. The model Goods and Services Tax Bill will replace the clause which states the tax rate “not exceeding 14%, with “not exceeding 20%”…