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10-Aug2018

Lower GST rates will improve compliance, enhance revenue collection: Piyush Goyal

Expressing optimism over the new indirect tax regime, interim Finance Minister Piyush Goyal has said that lower Good and Services Tax (GST) rates will improve compliance and enhance revenue collection. Allaying concerns over tax collection, he said that tax collection will not come down despite reduction in taxes. Goyal said GST, which came into force from July 01, 2017, on about 400 goods and 68 services were reduced in the last one year. He added that they are empowering 125 crore people of India through Good and Simple Tax.

On the problems faced by the textile sector, the minister said the GST Council has resolved most of the problems of the sector. With the introduction of GST, textile has become cheaper. While moving the bill for consideration, he said the capacity to slash the GST rates on more items would go up as GST revenues and the compliance rate increases and the economy formalises. He also pointed out that the government was able to collect GST in line with the country's fiscal deficit target.

Besides, The Lok Sabha has passed four bills to amend the GST law. The move aims at plugging loopholes in existing laws and reducing the compliance burden for taxpayers. The four bills are the Central GST (Amendment) Bill, Integrated GST (Amendment) Bill, GST (Compensation to States) Amendment Bill and Union Territory GST (Amendment) Bill.


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