Preparations are underway to change the slabs of Goods and Services Tax (GST). Chief Economic Advisor (CEA) KV Subramaniam suggested this. Subramaniam said the rationalization of GST slabs is on the agenda of the government and will definitely be.
Preparation of three slabs: According to KV Subramaniam, there may be three slabs of GST. “The way GST, in fact, was created with five rates was basically excellent because now we are seeing its impact on the amount received under GST,” he said at a function. Policy makers should be credited for being really pragmatic.
KV Subramaniam said, “The three-tier structure is definitely important. The government has been keeping an eye on this and I hope something can be found in the matter soon.
Another bank license has been revoked, the RBI said on consumer deposits
Decline in GST collection: The government’s statement came at a time when GST collections declined in June. Speaking about last June, for the first time in eight months, the GST collection was less than a trillion rupees. This is because of the second wave of the Kovid epidemic and the sanctions imposed in various states for its prevention. This had an impact on business and the economy. GST collections during the period stood at Rs 92,849 crore. This is the lowest since August 2020. 86,449 crore in August.