Nifty99000 100%

Sensex99000 100%

Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: 4.0
Article rating: No rating
Article rating: 4.0
Article rating: No rating
Article rating: 4.0
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
RSS

News

Don’t foresee immediate changes to GST rates: Adhia

Author: IANS/Monday, November 20, 2017/Categories: TRACKING THE GST

Don’t foresee immediate changes to GST rates: Adhia

New Delhi - Finance Secretary Hasmukh Adhia said the recent reduction in GST rates on mass consumer goods items has resolved nearly 90% of problems and discontentment related to the indirect tax regime.

According to Adhia, he does not foresee any immediate rate revisions after the latest changes which were incorporated after the last GST Council meet. 

The GST Council last week had removed 178 items from the highest 28% category and also reduced tax on all restaurants outside starred-hotels to 5%.

Currently, only 50 products, including luxury and sin items, white goods, cement and paints, automobiles, aircraft and yacht parts have been retained in the top 28% slab.

However, as and when required, rates on other items may be changed, Adhia said.

Adhia, who was speaking on DD News television channel, asked FMCG companies and retailers to sell products on the reduced rates as applicable from November 15. 

He observed that anti-profiteering authority under the GST regime will ensure that the benefit of lower rates is passed on to consumers.

The anti-profiteering measures approved by the Union Cabinet on last Thursday are designed to ensure that the full benefits of input tax credits and reduced GST rates on supply of goods or services flow to the consumers. 

On the inclusion of other sectors like petroleum in the GST structure, Finance Secretary said that the GST Council will take a call on it after the revenue trends of the indirect tax regeime are clearly established.

Elaborating on the medium-to-long term benefits of GST, Finance Secretary said that it will enable ease of doing business resulting in more investments. This he said will push the GDP growth higher and also increase tax buoyancy.

A high tax buoyancy will allow the government to directly help the MSME, agriculture and other sectors and would result in more job creation, he said. 

On the Insolvency and Bankruptcy Code (IBC) and bank recapitalisation, he said that the two measures are expected to strengthen bank balance sheets and improve their ability to lend.

He added that country's key economic parameters like low inflation, reduction in fiscal deficit and increasing tax buoyancy show that economy is in robust shape and that Union government in recent times has taken long-term structural reforms to increase the tax-to-GDP ratio and to curb tax evasion through the use of technology.

Print Rate this article:
No rating

Number of views (167)/Comments (0)

rajyashree guha

IANS

Other posts by IANS
Contact author

Leave a comment

Name:
Email:
Comment:
Add comment

Name:
Email:
Subject:
Message:
x

Videos

Ask the Finapolis.

I'm not a robot
 
Dharmendra Satpathy
Col. Sanjeev Govila (retd)
Hum Fauji Investments
 
The Finapolis' expert answers your queries on investments, taxation and personal finance. Want advice? Submit your Question above
Want to Invest
 
 

Categories

Disclaimer

The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

Subscribe For Free

Get the e-paper free