Scope for reducing GST slabs, hints Jaitley
Team Udayavani, Oct 2, 2017, 10:12 AM IST
Faridabad: Finance Minister Arun Jaitley today hinted that there is scope for lesser slabs under the Goods and Services Tax (GST) once there is revenue buoyancy.
“We are in first 2-3 months (of GST implementation). We have almost by the day, space and scope for improvement. We have space for improvement and need for improvement to reduce compliance burden as far as small taxpayers are concerned,” he said.
“We have space for improvement, eventually once we become revenue neutral, to think in terms of bigger reforms such as lesser slabs, but for that we have to become revenue neutral…,” he said at an event organised here by National Academy of Customs, Indirect Taxes and Narcotics (NACIN).
Currently, the GST regime slots items under rates of 5, 12, 18 and 28 per cent. An additional GST compensation cess is also levied on certain products.
Emphasising that indirect tax burden is borne by all sections of the society, the minister said it is always the endeavour of the government to bring down tax rates on mass consumption commodities.
“Direct tax is paid by more by the more affluent, somewhat by the others and certainly not by the weaker section but the impact of indirect tax places burden on all.
“Therefore, an effort is always as part of the fiscal policy… to ensure that the commodities which are consumed more by the common people are least taxed compared to others,” he said.
Noting that India has conventionally been a tax non- compliant society, he said when people have the right to demand development, they also have the responsibility to pay what is required for the development.
Addressing the 67th batch of Indian Revenue Service (IRS) officers, the finance minister said revenue is the lifeline of governance and all the developmental activities.
“You don’t have to extort taxes from those who are not liable to pay…as tax people, you are not entitled to invite fear, you have to invite a respect that you are somebody who (wants) people to comply with national duty,” he said.
He also said there are never grey areas in taxation law and it is duty of tax officer to be firm and fair.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Akhilesh Yadav attacks BJP on demonetisation anniversary
DeMo paved way for monopolies by devastating MSMEs, informal sector: Rahul on note ban anniversary
Comply with order allowing minority student to attend St Stephen’s College: HC tells DU
INDIA bloc looted, destroyed Jharkhand: Dharmendra Pradhan
Gujarat family holds burial event for ‘lucky’ car; 1,500 people attend
MUST WATCH
Latest Additions
Neeraj Chopra to head to South Africa for off-season training later this month
Sensex, Nifty fall for 2nd day on FII selling; RIL, ICICI Bank major drag
Akhilesh Yadav attacks BJP on demonetisation anniversary
SC notice to Karnataka, DK Shivakumar on CBI plea against withdrawal of consent by state govt
DeMo paved way for monopolies by devastating MSMEs, informal sector: Rahul on note ban anniversary
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.