The financial services industry hopes the nation's leaders will take the opportunity to start renegotiating the terms of the GST at a planned retreat.
Prime Minister Tony Abbott and state premiers will meet this month to thrash out the future shape of the federation.
In its submission to the government tax white paper, the Financial Services Council says Australia's heavy reliance on company and personal taxation must come to an end.
"GST must be part of the tax mix switch," FSC policy director Andrew Bragg said in a statement on Sunday.
He said even taking into account compensation for low income earners, a 15 per cent GST with a broader base would deliver $42 billion in extra revenue in 2015/16.
The GST rate has been 10 per cent since its introduction in 2000. Fresh food, health and education have been GST-free.
Any change has to be agreed to by every state, territory and the federal parliament.
The council wants lower personal income taxes and a company tax rate of 22 per cent, in line with the Asian average.
The recent budget cut the tax rate for small business to 28.5 per cent, but larger businesses are still paying 30 per cent.
The council also calls for the abolition of state stamp duties and transaction taxes.
"The states are increasingly relying on inefficient, growth destroying taxes to meet their expenditure needs," Mr Bragg said.
"This has created a grossly inefficient and unwieldy tax base."
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