The GST Council has been rationalizing GST rates for MSMEs considering the employment potential of the sector. The new tax regime has hit them hard. This person, who also spoke on condition of anonymity, added that the rationalization, though, would depend on the tax revenue coming in. The average shortfall in GST revenue collected by states narrowed to 24% in September and further to 17.6% in October from a high of 28.4% in August, as per data available from the GST Council. As on 10 November, the combined GST revenue of the central and state governments in October was Rs95,131 crore, up more than 2% from the preceding month.

Source: Mint November 23, 2017 20:37 UTC