Rationalisation of tax slabs under the newly-introduced Goods and Services Tax (GST) would depend on the rise in revenue collection in the days to come, MoS for finance and corporate affairs Arjun Ram Meghwal said on Saturday. Presently, there are five tax slabs, including exempted category, at 0, 5, 12, 18 and 28%. He said the Centre has deployed 30 Union ministers and 180 IAS officers to study the impact of GST across the country.
Meghwal said while in pre-GST time, only 80 lakh dealers were registered, another 13.2 lakh had been added post its introduction, of which 56,000 are from West Bengal alone, the highest among the country. Regarding GST Network (GSTN), he said that it would be further improved. “Registered dealers may be facing some teething problems. But the system is perfect,” he said.
The dealers would also have to maintain computerised records with regards to input tax credit and reverse charge mechanism, Meghwal said at a seminar. He said all these were required to eliminate the shadow economy.