New Delhi, Dec 21 (UNI) The Convenor of Group of Minister on Integrated Goods and Services Tax, Sushil Kumar Modi on Saturday ruled out any hike in Goods and Services Tax rates.
"I want to assure you that not a single state including the Union Government is ready to raise the tax rates," Modi said at the industry chamber FICCI annual convention in the national capital.
He said there is no possibility of any change in GST rates till the revenue stabilises, adding that media reports have been wrong in predicting an increase in the rates.
"At a time when the economy is in a slowdown, if you cannot cut the tax rate, do not increase the rates to boost consumption. At these times you cut the duties and tax rates, and not increase them," the Bihar finance minister said at a special plenary moderated by Subhrakant Panda, MD, Indian Metals & Ferro Alloys Ltd.
Asked on chances of any reduction in GST rates, he said, "Till the time GST revenue does not stabilise, we cannot think of decreasing the tax rates. In fact, there is no possibility of any change in slabs and tax rates, hike or cut, in the near future."
Modi further said that the GST Council, in its last meeting, decided to consider any change in tax rates only once in a year and not in each and every meeting.

Modi said he is closely watching the execution of GST and enriching the process with learnings from eight different countries.
Compared to the pre-GST period, 99 per cent of the goods and services have less taxes levied on them post-GST, he said.
But fake invoicing, he said, has become a major issue and the government is looking for ways to check the menace.
UNI SRJ