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On the occasion of the first anniversary of the goods and services tax (GST), the Minister of the Union Arun Jaitley described the legislation as "historic" and "Game changer". He rented GST for the collection of additional tax revenue, which increased to Rs 8.2 lakh crore in the first nine months. Mr. Jaitley also praised for a 14% increase in the tax base of the states. While acknowledging the early start-up issues related to technology infrastructure, Mr. Jaitley said that the systems (used for filing tax returns) are better now. "The computer system after the first malfunctions works much better," said Mr. Jaitley
but he flatly refuted the idea of the single tax slab for tax on goods and services . The profile of the population of India, and other places such as Singapore, where the only tax TPS is applicable, are very different, said Mr. Jaitley Sunday in a post on Facebook. Even Prime Minister Narendra Modi has ruled out the idea of single tax reform, the Press Trust of India news agency reported. "Mercedes and milk can not be taxed at the same rate," said the agency. Hasmukh Adhia, the Union's finance secretary, who has also drawn the praise of Mr. Jaitley to the same position, said that the goods and services tax settlement has pbaded to 95,610 crore in the month of June, against 94,016 rupees. crore in the previous month, according to Press Trust of India.
Currently, there are five tax slabs where indirect taxes and services are collected between 0% and 28%.
First Anniversary of the GST: Five Things Arun Jaitley Said
Single Tax Not Feasible: Mr. Jaitley called a single installment of GST A "wrong idea". Only one GST tranche can operate in countries where the entire population has a similar and superior level of payment capacity. Being fascinated by the Singapore model is understandable, but the profile of the population of a state like Singapore and India is very different. Singapore can charge 7% GST on food and 7% on luxury goods. Will this model work for India, he asked
Ease of doing business: He said the GST allowed for a steady flow of goods and services to National scale. Jaitley said the GST significantly expands the tax base of less-developed consumer countries, allowing them to devote more resources to development. A nation's fiscal adage has become a reality as a single tax has replaced 17 taxes and multiple claims that are imposed by the central government and the state government. incorporate in the near future, he said that the way forward includes even more to simplify and streamline the rate structure and bring more products into the GST. He expressed his confidence that once incomes stabilize and the GST installs, the GST Board will carefully consider these issues and act wisely, he added in the Facebook post [19659002 states today are getting a 14 percent increase on the fiscal base of fiscal 2016 with the help of the cessation of compensation. In the end, when the IGST blocked will gradually be transferred to the Center and to the states, even without the compensation, most states would cross the 14% growth target. Even today, the requirement for compensation is minimal and the current level of compensation around Rs.7000 crores monthly is more than enough to ensure that states are compensated for any loss of income.
Revenue Collection Jumped : In the first nine months, the total amount collected is Rs 8.2 lakh crore, which would become Rs 11 lakh crore if annualized, generating a revenue growth of 11, 9% is a tax increase of 1.22, which has historically been very rarely achieved for indirect taxes and although rates are lowered for consumers
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