Mini Budgets For Indirect Tax To Be Now Part of Indian Financial System

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Not any more will the annual budget for the year comprising 'Part B' shall consist of a long list of indirect taxes presented every year with the roll out of GST from July 1. Consequently, the budget for the FY 2018-19 shall mark a new era and will be a breakout plan.

Mini Budgets For Indirect Tax To Be Now Part of Indian Financial System

As then the GST Council will take up any changes in indirect taxes, Finance Ministers at the Centre will be left with very less scope for bringing about a change in indirect tax levies. From the first decision on GST rates on several goods and services, the rates have been since then revised twice citing anomalies issues.

With changes effected in tax rates after GST implementation, the tax rates have either gone down or up, affecting household budgets considerably. Since the first time, rates of 50 good and 20 services have seen an overhaul.

In the last meet on September 9, differential cess was imposed on different car types, tax rates of as many as 40 goods and services were revised. Another rate cut is to be made in the Council's next meet on October 24. So, the rates are on a continuous basis being changed in light of the need and for it to bring about a steady impact

Read more about: annual budget, gst
Story first published: Thursday, September 14, 2017, 10:28 [IST]
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