GST rates to be slashed if economy formalises
Finance Minister Piyush Goyal on Thursday said the capacity to slash the GST rates on more items would go up as Goods and Services Tax GST revenues...
New Delhi: Finance Minister Piyush Goyal on Thursday said the capacity to slash the GST rates on more items would go up as Goods and Services Tax (GST) revenues and the compliance rate increases and the economy formalises.
Goyal was speaking in the Lok Sabha after moving four bills seeking to amend the Goods and Services Tax (GST) laws for consideration and passage. The bills were Central GST (Amendment) Bill, Integrated GST (Amendment) Bill, GST (Compensation to States) Amendment Bill and Union Territory GST (Amendment) Bill.
His 45-minute speech was interrupted by Congress members who were in the Well raising anti-government slogans on various issues, including demanding setting up of a joint parliamentary committee to probe the Rafale jet fighter deal. The Minister said the “GST Council has reduced rates on many items and services in the last round. We want the consumer to be burdened less by indirect tax.”
Elaborating, Goyal said that in the last one year, the GST Council has reduced rates on 384 items and 68 services. “186 items and 99 services were exempted from GST. Also, sanitary pads were exempted from the GST,” he said. He also pointed out that the government was able to collect GST in line with the country's fiscal deficit target.