Jaitley promises no surprises in GST rate fixation
GST
Dated:- 28-4-2017
New Delhi, Apr 28 (PTI) Finance Minister Arun Jaitley today promised not to spring any surprises in fixing tax rates under the new GST regime, saying they will not be "significantly different" from current levels.
He, however, said companies should pass on to consumers the benefit of reduction in taxes under GST which will eliminate the current compounding effect of different central and state levies.
The GST Council, headed by Jaitley and comprising representatives of all the states, is scheduled to meet in Srinagar on May 18-19 to finalise tax rates on different goods and services after unifying at least 10 indirect taxes into the Goods and
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
GST Council has so far had 13 meetings and has never had to resort to voting to decide on any issue.
"And therefore all states representing different political complexions, have all agreed (on GST structure)," he said.
The Finance Minister said the Council is of the opinion that any benefit accruing from lower tax rates under GST should be passed on to consumers.
"Profit is not a bad word…
but unfair enrichment is.
And therefore the benefit of reduction in taxation is a benefit that consumers are entitled to. And that's not a principle that can be seriously contested," he said.
The GST laws approved by Parliament have incorporated an anti-profiteering provision to ensure that the reduction of tax incidence is
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =