NITI Aayog's suggestion - There should be only two rates of GST, there should not be frequent changes
GST was implemented on 1 July 2017. Since that time, the GST rates have been changed many times.
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| GST rates have been changed |
The government is constantly making changes regarding the Goods and Services Tax- GST. Every time tax slabs are reshuffled. On these changes, Ritesh Chand, member of NITI Aayog, has said that there should be only two slabs under GST and the rates of GST should not be changed frequently. GST rates should be changed on an annual basis, if needed.
Ramesh Chand said that whenever a major tax system reform is brought, then there is a problem in it in the beginning. He said that in most countries GST took time to stabilize.
He said that every sector demands to reduce the rate of GST. This has become his habit. He said that we should not change the rates again and again. The government should not keep higher rates, there should be only two rates.
Changes so far many time
Explain that GST was implemented on July 1, 2017. All indirect taxes are absorbed in it. Since that time, the GST rates have been changed several times. Presently, the four slabs under GST are 5 percent, 12 percent, 18 percent and 28 percent.
There are many products which do not attract GST. There are five products which are also benefited in addition to GST.
The GST Council, headed by the Union Finance Minister, fixes the tax rate on goods and services. Finance ministers of all states are also members of the council. While the demand for reducing the rate of GST on various products and services arises again and again, there is also talk of reducing the slab of tax.
GST slabs may decrease
On the other hand, it has been learned that the government may consider reducing the number of GST slabs from 4 to 3. Changes in GST rates are also proposed. According to reports, the Central and State officials' committee on GST recommended that slabs of 10 percent and 20 percent be made, or that some of the items included in the 18 percent slab be reintroduced into 28 percent slabs. needed.
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