Nirmala Sitharaman, Union Finance minister wants slab change once in a year, not every three months
Union Finance minister, Nirmala Sitharaman on Sunday said that periodic changes in indirect tax rates create uncertainty for both government and industry. She had informally discussed within a small group of the GST Council to consider rationalization of GST rates once a year and so far it has not happened every three months.
This will help businesses to calculate the incidence of tax annually and also help in better planning of the centre and state revenue projection. Every change in it causes a refund problem. In Goods & Service Tax – GST, you have entered a certain level of rates.
Nirmala Sitharaman said “We have proposed the GST Council literally, it is a part of our short discussion, we have discussed in the GST Council, and we said whether we can consider a situation where once you rationalize any rate, decrease or increase.
Earlier, Nirmala Sitharaman met trade bodies, industry representatives, and investment bankers in the Union Budget 2020-21 presented in Parliament on 1 February and discussed various topics and provisions with them.