How to shift a block of code left/right by one space in VSCode?

There was a feature request for that in vscode repo. But it was marked as extension-candidate and closed. So, here is the extension: Indent One space

Unlike the answer below that tells you to use Ctrl+[ this extension indents code by ONE whtespace 🤦‍♂️.

UPDATE

While these methods work, newer versions of VS Code uses the Ctrl+] shortcut to indent a block of code once, and Ctrl+[ to remove indentation.

This method detects the indentation in a file and indents accordingly.You can change the size of indentation by clicking on the Select Indentation setting in the bottom right of VS Code (looks something like "Spaces: 2"), selecting "Indent using Spaces" from the drop-down menu and then selecting by how many spaces you would like to indent.