New Delhi: Finance Minister of India Arun Jaitley has also conveyed that larger regime like lower number of slabs in the Goods and Services Tax (GST) reforms can be measured once there is revenue resilience.
Commenting on Sunday at the National Academy of Customs, Indirect Taxes and Narcotics, Jaitley further conveyed that we have space and scope for enhancement… to decrease conformity burden as small taxpayers are concerned.
Finance Minister Jaitley further added that once we balance revenue, to think in bigger regimes like lower slabs, but for that we have to become revenue neutral.” Currently GST slabs have rates of 5%, 12%, 18% and 28%.
Jaitley further added that in society which did not mind being a non-tax complaint one, people realizing the qualities of compliance which reaches with time. This is the main cause for tax mixing. At this time our nation is going through indirect taxation when the financial system is rising.
The direct tax is paid by the additional wealthy sections, whereas indirect tax is a burden on all. Jaitley further conveyed that revenue is the lifeline of supremacy and of expansion actions in the nation.
Revenue is spent on rising rural areas, infrastructure and on national security. Whereas everybody has the right to demand bigger expansion and have accountability to pay the taxes required for expansion.