GST Council may take up plea on lowering general interest rates

States believe falling interest rate regime justifies demand from all quarters   The GST Council, which is meeting on May 28, is expected to consider lowering general rate of interest, technically known as general interest charges (GIC) which are levied on late payment of tax or claiming excess input tax credit (ITC). As on date, these rates vary between 6 per cent and 24 per cent. However, d…