1. Relief for small taxpayers coming? Arun Jaitley hints so, but not before this comes to pass

Relief for small taxpayers coming? Arun Jaitley hints so, but not before this comes to pass

"We have almost by the day, space and scope for improvement. We have space for improvement and need for improvement to reduce compliance burden as far as small taxpayers are concerned," Jaitley was quoted as saying by PTI.

By: | New Delhi | Published: October 1, 2017 3:00 PM
  arun jaitlye on gst, FM arun Jaitley, arun jaitley, arun jaitley, finance minister arun jaitley, arun jaitley gst tax slabs, gst tax slabs arun jaitley, arun jaitley gst, “We have space for improvement, eventually once we become revenue neutral, to think in terms of bigger reforms such as lesser slabs, but for that we have to become revenue neutral…,” the finance minister (Reuters)

Finance Minister Arun Jaitley on Sunday hinted that there is scope for lesser slabs under the Goods and Services Tax (GST) once there is revenue buoyancy. “We have almost by the day, space and scope for improvement. We have space for improvement and need for improvement to reduce compliance burden as far as small taxpayers are concerned,” Jaitley was quoted as saying by PTI. “We have space for improvement, eventually once we become revenue neutral, to think in terms of bigger reforms such as lesser slabs, but for that we have to become revenue neutral…,” the finance minister added. GST has four slabs currently which ranges from 0 to 28 per cent.

Earlier, MoS for finance and corporate affairs Arjun Ram Meghwal had also made similar statements on GST tax slab. Meghwal had said the Centre has deployed 30 Union ministers and 180 IAS officers to study the impact of GST across the country. Revealing a significant development, Meghwal said while in pre-GST time, only 80 lakh dealers were registered, another 13.2 lakh had been added post its introduction.

Also, of the new 13.2 Lakh people, 56,000 are from West Bengal alone, the highest among the country. Regarding GST Network (GSTN), Megwal said that it would be further improved. “Registered dealers may be facing some teething problems. But the system is perfect,” he said. He added that dealers would also have to maintain computerised records with regards to input tax credit and reverse charge mechanism.

  1. K
    K.Mundanad
    Oct 1, 2017 at 7:32 pm
    PURCHASE TAX In my opinion, the phrase 'reverse charge', used in GST legislation, is a misnomer. In the commercial parlance, the phrase (also called 'back-charge'), means the amount recovered by a buyer from his seller. In the taxation parlance, the correct phrase to be used is purchase tax. GST Council may get themselves familiarized with the Bombay s tax Act, 1959 (since repealed), in which it is correctly used: when a registered dealer makes purchase from an unregistered dealers, he has to pay purchase tax to the government on the value of purchase.
    Reply
    1. K
      K.Mundanad
      Oct 1, 2017 at 7:30 pm
      Proposed Ins ute of Taxation Accountants of India. It is suggested that an Ins ute of Taxation Accountants of India, be chartered by GOI, on the lines of the other three professional Ins utes. In due course, the GST Council must have qualified members from the new Ins ute, and all dealers, having turnover exceeding (say) one crore of rupees, must be required to employ at least one member of the proposed Ins ute. Rest are a subject-matter of detail (Including signing of the return, etc.)
      Reply

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