TFIPOST हिन्दी
TFIPOST Global
Tfipost.com
Tfipost.com
No Result
View All Result
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Radico Khaitan Pulls ‘Trikal’ Whisky from Market Amid Public Backlash from Hindus

    Radico Khaitan Pulls ‘Trikal’ Whisky from Market Amid Public Backlash from Hindus

    Bangladesh Supreme Court Frees Jamaat Leader Azharul Islam Behind 1971 Bangladeshi Hindu Genocide

    Bangladesh Supreme Court Frees Jamaat Leader Azharul Islam Behind 1971 Bangladeshi Hindu Genocide

    Savarkar

    Remembering How Congress Orchestrated the Mob Lynching of Veer Savarkar’s brother Dr Narayan Savarkar

    Errol Musk, father of Elon Musk to Visit Ram Temple in June

    Errol Musk, father of Elon Musk to Visit Ram Temple in June

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    Best ₹1 Crore Term Plans with Return of Premium: Benefits vs Cost

    Best ₹1 Crore Term Plans with Return of Premium: Benefits vs Cost

    Prime Minister Modi to Chair Key NITI Aayog Meeting Amid Push for Viksit Bharat by 2047

    Prime Minister Modi to Chair Key NITI Aayog Meeting Amid Push for Viksit Bharat by 2047

    International Monetary Fund (IMF).

    IMF Defends $1 Billion Bailout to Pakistan Amid India’s Concerns Over Terror Funding

    The Silent Revolution: How Quantum AI Is Rewriting Cybersecurity, Finance, and Warfare

    The Silent Revolution: How Quantum AI Is Rewriting Cybersecurity, Finance, and Warfare

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    Mock Drills to Be Held Tomorrow in States Bordering Pakistan

    India’s Major Preparations After ‘Operation Sindoor’! Mock Drills to Be Held Tomorrow in States Bordering Pakistan

    What’s the Kaveri Engine and Why Is Everyone Talking About It?

    What’s the Kaveri Engine and Why Is Everyone Talking About It?

    New Satellite Images Reveal 3-Meter Crater at Pakistan’s Murid Air Base

    New Satellite Images Reveal 3-Meter Crater at Pakistan’s Murid Air Base

    India Fast-Tracks Advanced Medium Combat Aircraft

    India Fast-Tracks Advanced Medium Combat Aircraft to Counter China-Pak Threat

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Bangladesh Supreme Court Frees Jamaat Leader Azharul Islam Behind 1971 Bangladeshi Hindu Genocide

    Bangladesh Supreme Court Frees Jamaat Leader Azharul Islam Behind 1971 Bangladeshi Hindu Genocide

    Pakistan’s Nuclear Ambition: A Costly Shield Fueling Economic Woes

    Pakistan’s Nuclear Ambition: A Costly Shield Fueling Economic Woes

    UK

    UK: 50 Injured After Car Ploughs Into Crowd Celebrating Liverpool’s Premier League Victory

    World Bank

    India to Oppose World Bank’s $20 Billion Loan to Pakistan Over Terror Funding Fears

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • Education
    • History
    • Indology
    How to Decide Between Amity and Manipal for Your Online MBA Journey

    How to Decide Between Amity and Manipal for Your Online MBA Journey

    Mughals, Delhi Sultans Out, Fresh Chapters on Indian Rulers, Mahakumbh Introduced: NCERT revises Class 7 books

    Mughals, Delhi Sultans Out, Fresh Chapters on Indian Rulers, Mahakumbh Introduced: NCERT revises Class 7 books

    Role of Consultants to Study in Ireland: How to Choose the Right One?

    Role of Consultants to Study in Ireland: How to Choose the Right One?

    The Complete Guide to Education Loan Interest Rates in 2025

    The Complete Guide to Education Loan Interest Rates in 2025

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Entertainment
    • Food
    • Games
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    Cricket – More Than Just a Bat and Ball

    Cricket – More Than Just a Bat and Ball

    Lazer247 India – Best Online Sports Betting and Casino Platform

    Lazer247 India – Best Online Sports Betting and Casino Platform

    Adjustable Folding Adirondack Chair With Cup Holder – Customizable Support For Ultimate Relaxation

    Adjustable Folding Adirondack Chair With Cup Holder – Customizable Support For Ultimate Relaxation

    1win कैसीनो गेम्स: जब दांव से पहले रिवाज़ बन जाते हैं आदत और खेल का हिस्सा

    1win कैसीनो गेम्स: जब दांव से पहले रिवाज़ बन जाते हैं आदत और खेल का हिस्सा

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
Tfipost.com
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Radico Khaitan Pulls ‘Trikal’ Whisky from Market Amid Public Backlash from Hindus

    Radico Khaitan Pulls ‘Trikal’ Whisky from Market Amid Public Backlash from Hindus

    Bangladesh Supreme Court Frees Jamaat Leader Azharul Islam Behind 1971 Bangladeshi Hindu Genocide

    Bangladesh Supreme Court Frees Jamaat Leader Azharul Islam Behind 1971 Bangladeshi Hindu Genocide

    Savarkar

    Remembering How Congress Orchestrated the Mob Lynching of Veer Savarkar’s brother Dr Narayan Savarkar

    Errol Musk, father of Elon Musk to Visit Ram Temple in June

    Errol Musk, father of Elon Musk to Visit Ram Temple in June

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    Best ₹1 Crore Term Plans with Return of Premium: Benefits vs Cost

    Best ₹1 Crore Term Plans with Return of Premium: Benefits vs Cost

    Prime Minister Modi to Chair Key NITI Aayog Meeting Amid Push for Viksit Bharat by 2047

    Prime Minister Modi to Chair Key NITI Aayog Meeting Amid Push for Viksit Bharat by 2047

    International Monetary Fund (IMF).

    IMF Defends $1 Billion Bailout to Pakistan Amid India’s Concerns Over Terror Funding

    The Silent Revolution: How Quantum AI Is Rewriting Cybersecurity, Finance, and Warfare

    The Silent Revolution: How Quantum AI Is Rewriting Cybersecurity, Finance, and Warfare

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    Mock Drills to Be Held Tomorrow in States Bordering Pakistan

    India’s Major Preparations After ‘Operation Sindoor’! Mock Drills to Be Held Tomorrow in States Bordering Pakistan

    What’s the Kaveri Engine and Why Is Everyone Talking About It?

    What’s the Kaveri Engine and Why Is Everyone Talking About It?

    New Satellite Images Reveal 3-Meter Crater at Pakistan’s Murid Air Base

    New Satellite Images Reveal 3-Meter Crater at Pakistan’s Murid Air Base

    India Fast-Tracks Advanced Medium Combat Aircraft

    India Fast-Tracks Advanced Medium Combat Aircraft to Counter China-Pak Threat

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Bangladesh Supreme Court Frees Jamaat Leader Azharul Islam Behind 1971 Bangladeshi Hindu Genocide

    Bangladesh Supreme Court Frees Jamaat Leader Azharul Islam Behind 1971 Bangladeshi Hindu Genocide

    Pakistan’s Nuclear Ambition: A Costly Shield Fueling Economic Woes

    Pakistan’s Nuclear Ambition: A Costly Shield Fueling Economic Woes

    UK

    UK: 50 Injured After Car Ploughs Into Crowd Celebrating Liverpool’s Premier League Victory

    World Bank

    India to Oppose World Bank’s $20 Billion Loan to Pakistan Over Terror Funding Fears

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • Education
    • History
    • Indology
    How to Decide Between Amity and Manipal for Your Online MBA Journey

    How to Decide Between Amity and Manipal for Your Online MBA Journey

    Mughals, Delhi Sultans Out, Fresh Chapters on Indian Rulers, Mahakumbh Introduced: NCERT revises Class 7 books

    Mughals, Delhi Sultans Out, Fresh Chapters on Indian Rulers, Mahakumbh Introduced: NCERT revises Class 7 books

    Role of Consultants to Study in Ireland: How to Choose the Right One?

    Role of Consultants to Study in Ireland: How to Choose the Right One?

    The Complete Guide to Education Loan Interest Rates in 2025

    The Complete Guide to Education Loan Interest Rates in 2025

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Entertainment
    • Food
    • Games
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    Cricket – More Than Just a Bat and Ball

    Cricket – More Than Just a Bat and Ball

    Lazer247 India – Best Online Sports Betting and Casino Platform

    Lazer247 India – Best Online Sports Betting and Casino Platform

    Adjustable Folding Adirondack Chair With Cup Holder – Customizable Support For Ultimate Relaxation

    Adjustable Folding Adirondack Chair With Cup Holder – Customizable Support For Ultimate Relaxation

    1win कैसीनो गेम्स: जब दांव से पहले रिवाज़ बन जाते हैं आदत और खेल का हिस्सा

    1win कैसीनो गेम्स: जब दांव से पहले रिवाज़ बन जाते हैं आदत और खेल का हिस्सा

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
No Result
View All Result
Tfipost.com
Tfipost.com
No Result
View All Result
  • Premium
  • Politics
  • Economy
  • Defense
  • Geopolitics
  • Knowledge
  • Law
  • Lounge

After rate rationalisation, GST council considering slab rationalisation

Amit Agrahari by Amit Agrahari
4 August 2018
in Economy
gst, slab

PC: indianexpress.com

Share on FacebookShare on X

The Modi government has repeatedly said that the current format of GST is not a final one. It will evolve with requirements and feedback. The GST council, the governing body of GST, has 33 members and they discuss, debate and take decisions based on the feedback. The council, chaired by the finance minister, also dictates tax rate, tax exemption, the due date of forms, tax laws, and tax deadlines, keeping in mind special rates and provisions for some states. Bihar Deputy CM and GST council member Sushil Modi said, “The GST council might replace the 12 percent and 18 percent slabs with a 14-15 percent one.”

Modi said that this slab rationalization was likely to be taken up only after the GST collections have reached Rs 1 lakh crore while addressing a seminar on the GST, organized by the Institute of Chartered Accountants of India. The GST council has set a target to collect indirect taxes worth 1 lakh crore rupees. But the target was met only in April. In July, Rs 96, 483 crore was collected, against Rs 95,610 crore in June. Now with the recent rationalization of taxes when the council decided to reduce the rate of taxation on the list of 100 items of mass-consumption, the target does not seem achievable in near term. The consumer goods like Refrigerators, freezers and other refrigerating or freezing equipment including a water cooler, washing machines, television, and electric soothing irons were moved from 28 percent tax slab to 18 percent tax slab.  The tax rate on paint and varnishes, putty, resin cement was also rationalized at 18 percent tax rate. These items contribute a major chunk of indirect taxes so the one lakh crore targets could be achieved only after 9-12 months.

RelatedPosts

Sensex and Nifty Bounces Back After ‘Black Monday’ — What’s Behind the Turnaround?

India’s retail inflation eases to 7-month low in February, lowest retail inflation post July 2024

Busting negative campaign, falsehoods against GST

Load More

India uses the multiple rate slabs to accommodate the huge socio-economic diversity of the country. At present, around 49 countries use a single GST rate, 28 use two rates and four countries including India have more rates. “Pruning the number of GST rate slabs is definitely a good idea. But I don’t foresee that happening in the next nine to 12 months till the tax collections consistently reach the desired Rs 1-trillion-per-month target,” said Harpreet Singh, partner at KPMG. In a country with the scale of the diversity of India, the single rate indirect tax is bound to fail as we have seen earlier in Malaysia. So the rationalization of taxes in necessary but a single tax rate is not required because Hawai chappal and BMW car cannot be taxed at same rate.

Arun Jaitley, the senior BJP leader and former Finance Minister recently said, “We will be busy in the process of shifting a large number of items from (the top rate of) 28% to the lower rate, The weighted average of the total taxation basket has significantly come down and therefore we are in the process of rationalizing the rates itself.”

The GST has proved a major reform because it does not only transformed the indirect tax system but also helped in increasing the direct tax net because those who have disclosed a business turnover for the GST now find it difficult not to disclose their net income for the purposes of income tax. The number of direct taxpayers increased from 6 million to 10.6 million in the fiscal year 2017-18. India’s tax-to-GDP ratio is budgeted to increase to 12.1% in the fiscal year 2018-19 as against 11.6% in 2017-18, 11.3% in 2016-17. GST is an indirect tax which operates on the model of ‘One Nation, One tax’, and has brought homogeneity in the market across the country. Therefore, an indirect tax being helpful in improving the direct tax base is a ‘positive spillover effect’ of this law.

Tags: gstGST councilGST slabsIndian Economy
Share595TweetSend
Previous Post

Aviation Industry: The current scenario

Next Post

Blast from the past: When Lalu’s sons were beaten up for eve-teasing

Related Posts

Best ₹1 Crore Term Plans with Return of Premium: Benefits vs Cost
Finance

Best ₹1 Crore Term Plans with Return of Premium: Benefits vs Cost

25 May 2025

When people hear about term insurance, what they usually picture is a payout, money that’s meant to support their...

Prime Minister Modi to Chair Key NITI Aayog Meeting Amid Push for Viksit Bharat by 2047
Economy

Prime Minister Modi to Chair Key NITI Aayog Meeting Amid Push for Viksit Bharat by 2047

24 May 2025

Prime Minister Narendra Modi will chair a high-level meeting of the NITI Aayog Governing Council this Saturday at Bharat...

International Monetary Fund (IMF).
Economy

IMF Defends $1 Billion Bailout to Pakistan Amid India’s Concerns Over Terror Funding

23 May 2025

The International Monetary Fund (IMF) has defended its recent $1 billion (over Rs 8,000 crore) disbursement to Pakistan, affirming...

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Currently Playing

Pakistan needs money from IMF to feed their people

Pakistan needs money from IMF to feed their people

00:15:20

Vacate PoK and more: Steps Pakistan needs to take to avoid Indian military action

00:06:36

Taking The Wire’s Propaganda Piece on VP to the Cleaners – Feat. Prof. Kapil Kumar

00:09:19

Rahul Gandhi Undermines India’s Electoral Integrity as Trump Applauds It

00:07:09

Why Pakistan army chief reminds two nation theory| what is the plan| Waqf Bill |Asim Munir| Jinnah

00:13:02
Facebook Twitter Instagram Youtube
tfipostTfipost.com
Right Wing | News Analysis | Indian Opinion
  • About us
  • Careers
  • Brand Partnerships
  • Terms of use
  • Privacy Policy
  • Sitemap

©2025 TFI Media Private Limited

No Result
View All Result
  • Premium
  • Politics
    • Analysis
    • Opinions
    • Trending
  • Economy
    • Business
    • Finance
  • Defense
    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
TFIPOST हिन्दी
TFIPOST Global

©2025 TFI Media Private Limited