GST Council to discuss ways to address revenue shortfall, but sweeping rate hike unlikely soon

The Good and Services Tax (GST) Council on Friday may consider the option of borrowing from the market to bridge the compensation cess fund deficit, and ensure states’ revenue is protected under GST regime. The Council would also resume discussions on ways to shore up revenue which includes moving some items to higher slabs or raising the existing slabs. Sources in the central government said that…