The Centre and the Indian state governments jointly collect Rs 8 lakh crore by way of indirect taxes excluding customs duty and the same amount needs to be generated after GST bill is applied, said media reports quoting Najib Shah, chairman of Central Board of Excise and Customs (CBEC). Shah added that changes in tax slabs are possible after the government assesses the revenues and expenditure and analyses the effects of exemptions and deductions in the new bill.
Shah also said that the decision to compensate states for five years after implementing GST is a burden that the Centre has taken upon on itself. The GST is likely to increase revenues and there will be a lesser need for compensation.
The GST Council also has to consider products under GST and all the states' political compulsions before taxing them. Shah also said that a committee of officers has already started working on placing goods in different tax brackets and the final decision on the same will be made by the GST Council.
He also rejected the idea of a single rate structure for GST like the one that European Union (EU) has, saying that varied products and their different taxation rates call for a multi-tier structure. (KD)
Fibre2Fashion News Desk – India
In 10 years' time, everything will have the responsible factor integrated
Leadership & Sustainability
Sustainable models are beneficial for brands, retailers and manufacturers
Maa Tex Speciality
‘We suggest reducing dosage of sizing chemicals to reduce sludge...
Leading the digital textile printing industry, Israel-based Kornit...
No Nasties was the first fashion brand in India to make 100 per cent...
US-based Baldwin Technology Company is a global manufacturer and supplier...
Steve McCullough & Marco Weichert
Functional Fabric Fair & Design and Development GmbH Textile Consult respectively
Functional Fabric Fair is a trade-exclusive event showcasing the latest...
Larry L Kinn
Larry L Kinn, Senior Vice President - Operations Americas of Suominen...
Sensoria is a leading developer of smart garments and IoMe (Internet of...
The Woolmark Company has partnered with handmade fashion label Péro and...
The creations by Aprajita Toor were born out of a deep desire to create...
Yash P. Kotak
Bombay Hemp Company
One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...