The group of state finance ministers (GoM), led by Bihar Deputy Chief Minister Samrat Chaudhary, formed to recommend measures for rationalising the structure of goods and services tax (GST), is reported to have finalised its recommendations, including significant adjustments to the tax rates of 148 items. However, some of the recommendations, as reported by this newspaper, are not in the right direction. In this regard, it is worth recalling why the process is being undertaken. There are at least two big reasons. First, the system has underperformed over the years, partly because of premature rate reduction. Last financial year, tax collection, including the compensation cess, was roughly equivalent to the revenue generated in the pre-GST period from taxes subsumed into the GST structure. The potential was much higher.
This story is from the December 04, 2024 edition of Business Standard.
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This story is from the December 04, 2024 edition of Business Standard.
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