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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
| On 30th Oct 2020
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