The Goods and Services Tax (GST) Council has a big agenda lined up on Thursday as it considers more changes to further improve the country’s most comprehensive indirect tax reform since Independence, Finance Minister Arun Jaitley said.
The upcoming GST council meeting will continue to trim the list of item in the highest tax slab of 28%, but merging of the 12% and 18% slabs will have to wait till tax compliance increases, Jaitley said.
“It is now a substantially thinner list than the original one. That exercise will continue,” he assured.
Department of Industrial Policy and Promotion (DIPP) and Confederation of Indian Industry (CII) has organized India-Korea Summit where Jaitley addressed the business leaders and said that India has been significantly tax non-compliant, a situation which needs to change.
Finance Minister also assured that to thin the list soon than the original one to reduce the tax burden of the Nation. After the introduction GST goods and services were placed in different category of tax slabs and changes have been taken throughout its life and it was a mathematical exercise based on the prevailing tax burden on those items.
The last meeting of the GST Council had shifted a number of items from the highest tax rate of 28 per cent.
In addition to this, the simplification of return filing process and implementation of E-Way Bill etc. will be decided by the Council tomorrow.
