<p>Amid souring relationship between the Centre and the states over non-payment of compensation cess, the next GST Council meeting is expected to take place on March 14.</p>.<p>The meeting is significant as it comes at a time when the union budget has raised customs duty on a number of items, making products associated with them, costlier in the Indian market.</p>.<p>Sources said the first GST Council meeting after the budget, is expected to make some major overhauls related to the rate structure, rate revision and prepare a strategy for GST revenue collection keeping in mind, the target set in the Budget is not breached by a wide margin.</p>.<p>How to keep a tab on rising prices of food items may be the prime focus of the GST Council this time around as the rate of food price rise has reached a new high and there is a fear that it may start impacting non-food items, too in the long run.</p>.<p>The Council, which is expected to discuss the issue of keeping the rate structure to a maximum of three from five at present, may float a single slab for all edible goods, to check the volatility in food prices.</p>.<p>The Council may also try to evolve a consensus on rate revision of goods and services only once in a year to remove uncertainty for businesses and the consumer.</p>.<p><strong>Tax evasion a hurdle</strong></p>.<p>One of the major hurdles of the GST system is the tax evasion and claim of excess or wrongful tax rebates.</p>.<p>The GST Council is expected to devote a little longer time on making the system fool-proof.</p>.<p>According to the 15th Finance Commission, India’s overall tax-to-GDP ratio is about 17.2%, which, as per its calculations, should be about 22.6%.</p>.<p>There is a gap of about 5.4%, of which GST compliance gap accounts for about 2.4% of GDP, the commission recently said, suggesting the government speed up action to check fraudulent.</p>
<p>Amid souring relationship between the Centre and the states over non-payment of compensation cess, the next GST Council meeting is expected to take place on March 14.</p>.<p>The meeting is significant as it comes at a time when the union budget has raised customs duty on a number of items, making products associated with them, costlier in the Indian market.</p>.<p>Sources said the first GST Council meeting after the budget, is expected to make some major overhauls related to the rate structure, rate revision and prepare a strategy for GST revenue collection keeping in mind, the target set in the Budget is not breached by a wide margin.</p>.<p>How to keep a tab on rising prices of food items may be the prime focus of the GST Council this time around as the rate of food price rise has reached a new high and there is a fear that it may start impacting non-food items, too in the long run.</p>.<p>The Council, which is expected to discuss the issue of keeping the rate structure to a maximum of three from five at present, may float a single slab for all edible goods, to check the volatility in food prices.</p>.<p>The Council may also try to evolve a consensus on rate revision of goods and services only once in a year to remove uncertainty for businesses and the consumer.</p>.<p><strong>Tax evasion a hurdle</strong></p>.<p>One of the major hurdles of the GST system is the tax evasion and claim of excess or wrongful tax rebates.</p>.<p>The GST Council is expected to devote a little longer time on making the system fool-proof.</p>.<p>According to the 15th Finance Commission, India’s overall tax-to-GDP ratio is about 17.2%, which, as per its calculations, should be about 22.6%.</p>.<p>There is a gap of about 5.4%, of which GST compliance gap accounts for about 2.4% of GDP, the commission recently said, suggesting the government speed up action to check fraudulent.</p>
