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.