GST to result in price reduction for consumers, says Revenue Secretary Hasmukh Adhia

By: | Published: March 28, 2017 12:13 AM

The Centre and states have concurrent powers to levy GST and the new indirect tax regime will result in reduction of prices for consumers and broaden the tax base, Revenue Secretary Hasmukh Adhia said today.

Under the GST Constitutional Amendment Act, concurrent powers to levy GST has been provided to both the Centre and the states. (Express Photo)

The Centre and states have concurrent powers to levy GST and the new indirect tax regime will result in reduction of prices for consumers and broaden the tax base, Revenue Secretary Hasmukh Adhia said today. At a workshop on Goods and Services Tax (GST) organised under the Speaker’s Research Initiative (SRI) in Parliament Library Building today, Adhia explained how the existing multiple taxes at the central and state level will be merged into a single tax. “The workshop was designed to provide Members of Parliament an insight into the new tax regime being established in the country and give them a better understanding about GST, thereby enabling them to participate fruitfully in the upcoming Parliamentary discussions on the subject,” said an official statement.

Under the GST Constitutional Amendment Act, concurrent powers to levy GST has been provided to both the Centre and the states.

“Members were also apprised about the major decisions of the GST Council, compensation mechanism for the states and the future roadmap in rolling out the GST in the country,” the statement said.

You May Also Want To Watch:

Speaking about the benefits of GST, Adhia stressed that it will not only usher in a transparent tax system thereby reducing cascading of taxes, but will also result in reduction of prices for consumers and broaden the tax base in the country.

Earlier in the day, the government tabled 4 supplementary GST legislations in the Lok Sabha.

Discussion on the bills is expected to begin on Wednesday.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition