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The government will seek to reduce tax rates and tax slabs as revenues from the Goods and Services Tax (GST) increase significantly.
A lot of articles will go from 28% to less first. 19659002] "We will now move from a large number of articles by 28% to lower rates," said Union Minister Arun Jaitley, on the occasion of the first anniversary of the indirect tax reform by videoconference. the capital on Sunday
The government rolled out the GST, which put an end to 17 indirect taxes and multiple transfers on June 30 and July 1 of last year.
"As collection increases, the ability to rationalize slabs, the ability to rationalize rates, will certainly increase as well, and this streamlining capacity will increase once the total volume of tax collected increases significantly." said Mr. Jaitley in his first public speech in two months.
"Once you have a more efficient tax, this more efficient tax system will ensure that the evasion will not take place," he said. Jaitley pointed out that the implementation of the GST in the country was not disruptive and that the best was yet to come.
A single tax slab, however, was not desirable in the current economic situation, he said. Under the current four-level GST, taxes are levied between 5%, 12%, 18% and 28%, while a tax is levied on luxury goods, sin and demerit in addition to the highest tax bracket.
Jaitley stated that the GST has not only had an impact on indirect tax recoveries, it has also resulted in an increase in direct tax collections for the first quarter of the year. 39, current year
. Thus, the "GST does not only affect indirect taxation, but also those who must now report their turnover for GST purposes and necessarily pay direct taxes."
Acting Finance Minister Piyush Goyal said that the GST collections will exceed Rs 13 lakh crore in the current fiscal year and with increased revenues, there will be more room for streamlining rates of interest. ;taxation. will cross Rs 1.10 lakh crore.I mean more than R The revenue of 13 million lakh crore will come from the GST this fiscal year, "Goyal said at the celebrations of the" GST "
. The first year of the GST in 2017-2018, the government earned 7.41 million rupees. its deployment in July. The average monthly collection was Rs 89,885 crore.
In the current year, collections in April hit a record of Rs 1.03 crore lakh, followed by Rs 94,016 crore in May and Rs 95,610 crore in June. Announcing the June figures, the finance secretary Hasmukh Adhia, also present on this occasion, said: "It is (Rs 1 lakh crore) not yet the norm, we hope to bring it (income from the GST) at the level of Rs 1 lakh crore. "
Goyal historically said the three months from April to June are meager periods of tax collection. In the previous indirect tax system, 7.1% of taxes were collected during the three months. "So, more people are entering the honest and transparent system and with the success of the e-way ticketing system, we will be in a better position to streamline the different tariff slabs were retained after reviewing the social structure of the nation. .. Is it appropriate to tax luxury cars and common objects used by the poor? "Goyal said.
The Minister also asked the Secretary of Finance to consider the possibility of allowing dealers of dialing programs to file returns each year, rather than quarterly.
Small and medium-sized enterprises can opt for a composition system. a 1% tax for traders and manufacturers and 5% for restaurants
The GST Council had decided last year to increase the turnover threshold to 1 , 5 Rs crore and also decided to amend the law to raise the legal threshold. Rs 2 crore
He also stated that the Department of Finance would soon put in place a system that allows businesses to discuss their GST issues with revenue officials on a monthly basis.
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