New Delhi: The Central Board of Indirect Taxes and Customs (CBIC) has refuted reports regarding a possible increase in Goods and Services Tax (GST) rates. The clarification came amid growing speculation in the media and financial circles about a potential rate hike.
In an official statement, CBIC described these reports as “purely speculative” and assured taxpayers that no such proposal was under consideration. The statement aimed to allay market concerns and maintain stability in the taxation environment.
Industry experts have welcomed the clarification, noting that any speculation about a GST hike can lead to market volatility and disrupt business operations. The GST Council, which is responsible for changes in GST rates, has not scheduled any discussions on rate revisions in its upcoming agenda.