GST Council Unlikely To Change GST Rates Today

As per a leading business daily report, GST Council, indirect tax body, is expected to keep GST rates steady with no changes at its meet today and instead will focus on maximizing revenue collection by checking tax evasion, three person privy to the discussion between state and union governments said.

GST Council Unlikely To Change GST Rates Today

A senior official from the finance ministry on condition of anonymity said the central government has notified states that this is not the opportune time to raise GST rates. Further, T S Singhdeo, Chhattisgargh minister for public health and commercial taxes (GST) ahead of the GST Council meet said the proposal of raising GST rates is unlikely to be discussed in the meet today. And prior to any changes in GST tax rate structure, revenue realization should be optimized at current tax rate by plugging areas of revenue leakage.

Further, a government official said it is critical to focus on growth first than maintaining fiscal prudence.

GST Council, slated to meet in the afternoon, will work on ways to address revenue leakage, improve the efficiency of the system by making use of technology and even consider particular steps for enhancing revenue stream as advised by a panel headed by revenue secretary Ajay Bhushan Pandey.

Meanwhile Council has raised monthly target for GST mop up at Rs. 1.1 lakh crore until March of the ongoing financial year.

GoodReturns.in