GST
Highlights
- The government’s effort is to plug the loopholes in the next GST system.
- Group of Ministers engaged in the task of rationalizing GST rates
- Even now many products and services are exempted from GST, in which the number of services is more.
GST We are constantly working on ways to improve it. In this episode, many services can be taken out of the purview of exemption in the coming time. They can be taxed as per the GST tax slab. That is, many services will become expensive in the future. In fact, Revenue Secretary Tarun Bajaj on Tuesday said that there is a need to reduce the list of exempted products under the Goods and Services Tax (GST). This is especially necessary for the service sector. In such a situation, it is believed that this suggestion of his can be implemented in the coming time.
Preparation to remove the shortcomings of GST
Addressing an event of the Confederation of Indian Industry (CII), Bajaj said that the government is trying to plug the loopholes in the GST system in the next two-three years. He said that the Group of Ministers is engaged in the work of rationalization of GST rates but it will have to wait for some time. “Even now, many products and services are exempted from GST, in which the number of services is more,” he said. There is a need to work to reduce these.” On questions being raised about the decision to levy five per cent GST on rent of non-ICU rooms in hospitals above Rs 5,000, Bajaj said that the number of hospitals charging that much rent is very high. is less. “If I can pay Rs 5,000 for hospital room, I can also pay Rs 250 of GST,” he said.
Government preparing to increase revenue
The 28 per cent tax slab accounts for 16 per cent of the gross GST revenue, he added. At the same time, the highest 65 percent of the revenue comes from the tax slab of 18 percent. While the contribution of five per cent and 12 per cent tax slabs to revenue is 10 per cent and eight per cent respectively.
tax slabs should be increased from four to three
Industry body Confederation of Indian Industry (CII) President Sanjeev Bajaj on Tuesday advocated simplification of the GST framework, saying that along with electricity, fuel should also be brought under the ambit of GST. Along with this, Bajaj also suggested reducing the number of tax slabs of GST from four to three. Bajaj said that in order to make the Goods and Services Tax (GST) more simple, some anomalies have to be removed and products like electricity, fuel also need to be brought under the ambit of this tax.
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