15th FC report: Annual GST losses hit Rs 4 trillion on lower rates

The 15th Finance Commission, headed by N K Singh, has suggested that the 12 per cent and 18 per cent slabs under the  Goods and Services Tax  (GST) be merged into one standard rate, and GST be rationalised to a three-rate structure, complemented by the 5 per cent merit rate and 28-30 per cent de-merit rate. This has been a long-standing demand from economists and the Opposition, and has…