NEW DELHI: Union Minister on Thursday said the GST rates will goes down on more items would go up as Goods and Services Tax (GST) revenues and the compliance rate increases and the economy formalises.
Temporary Piyush Goyal is handling the finance ministry till Arun Jaitley recuperates from a kidney surgery.
Goyal was answering of a question in the Lok Sabha after moving four bills seeking to amend the Goods and Services Tax (GST) laws for consideration and passage. The bills were Integrated GST (Amendment) Bill, Central GST (Amendment) Bill, State GST (Compensation to States) Amendment Bill and Union Territory GST (Amendment) Bill.
The Minister repilied “The GST Council has reduced rates on many items and services in the last round. We want the consumer to be burdened less by indirect tax.”
Goyal also Added in his statement that in the last one year, the GST Council has slashed rates over 384 items and 68 services. “186 items and 99 services were exempted from GST. Also sanitary pads were exempted from the GST.”
Referring to the recent growth forecast about India by the IMF, he said “I think India’s economic growth will be better than this forecast.”
India is projected to clock an economic growth will remain 7.5 per cent in the 2019-20 fiscal year on strengthening of investment and robust private consumption, the International Money Federation had said in its recent report.
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