New Delhi, June 28 -- A revamp of the goods and services tax (GST) regime is on the cards, with the compensation cess likely to be merged into the main GST rates. Separately, India has activated a Plan B to secure oil supplies amid continued tensions in West Asia. Despite global headwinds, India retained its top spot among emerging market peers in May.

The finance ministry may merge the compensation cess on sin and luxury goods into the goods and services tax (GST) rates, Mint reported. The decision won't impact consumers as overall tax outgo would remain unchanged.

Compensation cess, which makes up about 7% of the total collections, was levied on top of the GST rate to compensate states for potential revenue loss due to the transition ...