Home / Knowledge / News / Textiles / GST Council may decrease tax rates in future: CBEC
GST Council may decrease tax rates in future: CBEC
09
Dec '16
The goods and services tax (GST) Council might reduce the proposed tax slabs of 5 per cent, 12 per cent, 18 per cent and 28 per cent in the future after examining the revenue generation from the bill and paying compensations to the states, said a top CBEC official. Industries in India demanded rate cuts following the demonetisation of high currency notes.

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


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 30th Oct 2020

Relief from USAID, US firms to women in Asian supply chain

The US Agency for International Development deputy administrator...

Pic: Shutterstock

Apparel/Garments | On 30th Oct 2020

Turkey wants to enhance ties with Bangladesh

Turkish President Recep Tayyip Erdogan is committed to enhancing ties ...

Pic: Shutterstock

Apparel/Garments | On 30th Oct 2020

Columbia Sportswear posts Q3 FY20 sales of $701 mn

Columbia Sportswear Company, an innovator in active outdoor lifestyle ...

Interviews View All

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli, Epson, For.Tex & F.lli Robustelli

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Nitin Bhatia, Trend Arrest

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Viral Desai, Zenitex Mill Pvt Ltd

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Emanuel Fertuzinhos,

Emanuel Fertuzinhos

Founded in 1981, Lisama, a Portuguese company, is a pioneer in the textile ...

Rikesh Mistry,

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Fan Liyuan,

Fan Liyuan

Chinese company Jiangsu Yingyang Nonwoven Machinery, established in 1993,...

Robert Erichsen, Statex Produktions & Vertriebs GmbH

Robert Erichsen
Statex Produktions & Vertriebs GmbH

Statex Produktions & Vertriebs Gmbh, founded in 1978 and headquartered ...

Daniel Odermatt, Ventile

Daniel Odermatt
Ventile

Ventile is a registered trademark used to brand a special high-quality...

Steve Cole, Xerium Technologies

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Chandani Sahi, By Chandani

Chandani Sahi
By Chandani

By Chandani is a womenswear prêt couture brand with fusion silhouettes by...

Sweta Agarwal, A Humming Way

Sweta Agarwal
A Humming Way

A Humming Way (AHW) is inspired by the old-world regalia of Rajasthan...

Joe Ikareth, Joe Ikareth

Joe Ikareth
Joe Ikareth

<b>Joe Ikareth</b> has a rock-solid fashion and textiles background, which ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search