A refresh is round the corner for GST Rates
One nation – one tax, the revolutionary and mammoth game changer was always expected to have its share of fluctuations, tantrums and teething issues. Since its inception from the midnight of 30th June’17, it has undergone various amendments in terms of taxation rates, processes and policies by the supreme decision making body of GST – The GST Council.
Revenue Secretary, Hasmukh Adhia opinionates and expects some stability in the market and economy by the end of the 2nd quarter of the next calendar year. The GST Council has regularly been addressing issues and complexities originated from subsuming 12+ central and state levies into a singular levy.
Recently Mr. Adhia was found underlining on the below priorities for the GST Council:
- GST rates of many commodities will be revisited and refreshed. In the last two Council meetings too, rates of various products were squeezed including but not limited to hostel services, textile and jewelry amongst few others.
- Honest intention, not to burden the SMB sector and lowering the compliances and levies, wherever possible.
The intent of the government reflects, since GST’s inception, the Council has rationalized rates on over 100 commodities and eased out the refund process for the exporters.
Mr. Adhia further emphasized that a major restructuring of the GST rates would be one of the key agendas in the 23rd meeting of the GST Council meeting on November 10th in Guwahati, based on data and futuristic calculations and comparisons about the revenue loss assessed by the fitment committee.
Various provisions in the indirect tax regime have been tweaked enough to address the pinching sockets and make the regime more industry friendly.
As reported in Economic Times.