Last week, the government announced a slew of measures to boost exports and the real estate sector.
Total annual revenue loss could be as much as 500 bn rupees if the panel decided to lower tax rates for auto sector to 18 pc from 28 pc.
The textile industry has sought rationalization of GST rate for MMF products at 5 per cent.
Automobile and component manufacturers have been seeking GST cut on automobiles to 18 per cent from 28 per cent
The auto components industry currently employs 50 lakh people and contributes 2.3 per cent to India's GDP.
Earlier this week, former PM Manmohan Singh had said the state of economy was 'deeply worrying'.
The lower tax collections may increase burden on the Centre for compensating states for revenue shortfall.
This is the second time during this year that the revenue collection from the GST slipped below the Rs 1 lakh crore mark.
Former PM Manmohan Singh said the last quarter GDP growth rate of 5 per cent signals that 'we are in midst of a prolonged slowdown'.
To a question about GST reduction, FM said she was willing to hear everybody, "but it is not in my hands as it has to go to the GST council.