Economy

Need to tinker with GST rates: Top official

Need to tinker with GST rates: Top official”

Opposition parties and some of Senior BJP leaders has criticised Modi government for poorly implementing the GST, which amalgamates more than a dozen central and state levies like excise duty, service tax and VAT. Almost four months since its introduction, the new indirect tax threw up teething troubles and compliance issues, which the GST Council - the highest decision-making body of the new regime - has addressed through several rounds of changes. However, more data may be required to analyze what works best and where.

The BJP government is preparing for yet another series of economic reforms, said Prime Minister Narendra Modi today. It also rationalised the rates of over 100 commodities and made refund process easier for exporters.

The GST Council also tweaked some aspects of the new tax regime in order to ease the hassles faced by the medium and small business in paying taxes and filing GST returns.

A GST council meeting is anticipated on November 9 at Guwahati. The turnover threshold for composition scheme, under which businesses can pay taxes at a nominal rate, has been hiked to Rs 1 crore, from Rs 75 lakh earlier.

Replying to a question about on the probability of diesel, petrol and real estate coming within the ambit of the GST, Naqvi said, "As and when the suggestions come, the GST Council takes them into consideration". Another important implication will be on those businesses having a revenue of Rs.1.50 crores of turnover, can now pay taxes quarterly.

As directed by Hasmukh Adhia (the Revenue Secretary) in recent times, there is a need of a complete overhaul of the present structure of Goods and Services Tax (GST). "It was more opposition that time than this", he said.

The GST is an indirect tax and is applicable throughout India.

Though this entire concept has been brought in to bring in a revolution in the taxes levied in this country, numerous complaint issued has been coming in due to the presence of Goods and Services Tax (GST).



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