Do you have a suggestion on simplifying the GST filling process? Starting from today, all GST offices across India will be ready to receive suggestions on easing the filling process, tweets Union Finance Minister Nirmala Sitharaman and Minister of State Finance Anurag Thakur.
Moreover, after almost two and a half years of its launch, the GST council is most likely to hold discussion on major restructuring to lift the base slab from 5 percent to 9-10 percent, while ommitting the current 12 percent rate and shifting 243 items in this segment to the 18 percent band. This move will increase the tax weight on consumers but help in generating close to Rs 1 lakh crore of additional revenue.
Further, the proposed change of rates, several items currently excluded from tax such as treatment in “expensive” private hospitals to hotel accommodation under Rs 1,000 and high-value company home leases, may be a part of the tax ambit, said sources.
The centre has started the discussions with states for a revamp of the goods and services tax as part of a measure to level-up revenue. The RBI had recently projected that the effective GST rate in India has come down from 14.4 percent in May 2017 to 11.6 percent now.