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 blue print for the stimulus is ready that would be announced by FM Nirmala Sitharaman in the next few days, an official said.
This window will help in completion of affordable and middle income housing projects.
The minister also said there will be a fully automated electronic refund route for input tax credits (ITC) in GST.
The government has mandated the Reserve Bank of India to keep the retail inflation in the band of 2-6 per cent.
The argument propagated has been to boost the consumption and the domestic demand by reducing GST rates further.
The programme will make foreign exchange credit available to exporters at competitive rates, said Commerce Minister Piyush Goyal.
Automobile and component manufacturers have been seeking GST cut on automobiles to 18 per cent from 28 per cent
Earlier this week, former PM Manmohan Singh had said the state of economy was 'deeply worrying'.