India: GST slab of 28% may become virtual “hollow shell” in year or so, says CEA

Centennial Asia > The Asian Pulse > Daily News > India: GST slab of 28% may become virtual “hollow shell” in year or so, says CEA
  • July 25, 2018
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  • Outgoing Chief Economic Adviser Arvind Subramanian on 25 Jul 18, exuded confidence that the highest slab of 28% tax under GST would be “virtually a hollow shell” over the 2018-2019 period, or so.
  • The all-powerful GST Council comprising state finance ministers and headed by Union Finance Minister has pruned the highest 28% slab by cutting tax rates on 191 goods over the 2017-2018 period, including ACs, digital cameras, video recorders, dish-washing machines and automobiles.
  • There are just 35 items left in the highest tax bracket. When the 28% tax rate was imposed on certain items under GST, there was a political reaction against it, and the GST Council responded by “really whittling down…quite substantially” the number of products in that slab, Subramanian said in an interview.
  • The CEA also said that a lot of effort and time was devoted to the simplifying the burden on small and medium enterprises.

External Link: https://economictimes.indiatimes.com/news/economy/policy/gst-slab-of-28-may-become-virtual-hollow-shell-in-year-or-so-says-cea/articleshow/65137324.cms

25-Jul-2018