Days after GST Council slashed rates of 88 items, Finance Minister Piyush Goyal has once again issued hints towards a reduction in prices of more items under GST framework. Speaking in the Lok Sabha on Thursday, Piyush Goyal said as the revenue collection will increase, GST on more items can be slashed, PTI reported. The capacity of the government to cut rates on more items increase as the GST compliance rate rises and formalisation of economy happens.
Meanwhile, the treasury benches move four bills in the Lower House today seeking to amend the GST for laws for consideration and passage. The bills were Central GST (Amendment) Bill, Integrated GST (Amendment) Bill, GST (Compensation to States) Amendment Bill and Union Territory GST (Amendment) Bill.
Finance Minister Piyush Goyal also said that the GST Council cut the rates of various items and services in its last meeting as it doesn’t want the indirect tax to burden the consumers by any means, PTI report said.
The rates of 384 items and 68 services have been cut down up till now in the last one year by the GST Council, Finance Minister Piyush Goyal said. The minister also informed that 99 services and 186 items were exempt from the goods and services tax (GST) along with sanitary napkins.
The GST collections are in line with India’s fiscal deficit target and government is performing well on this front. On the latest forecast made by the International Monetary Fund (IMF) on India, Finance Minister Piyush Goyal said that the growth of country’s economy will be better than what has been forecast by the international body.