7 Killed as bus Falls Into River in J&K
President appoints Sushil Chandra as new Chief Election Commissioner of India
COVID Updates: Russia’s Sputnik V COVID-19 vaccine approved for emergency use in India
Sonia Gandhi writes to PM Modi suggesting ways to control COVID menace

इंडियन आवाज़     13 Apr 2021 10:09:46      انڈین آواز

GST structure requires complete overhaul to make it simple


Central Board of Indirect Taxes and Customs has further complicated system of Goods and Service Tax (GST) to check cases of false Input Tax Credits (ITC) with businessmen with monthly turnover of rupees 50 lakhs and above mandatorily required to pay at least one-percent GST liability in cash. Numerous amendments in GST structure in its short regime of introduction in India has proved that GST structure as a whole requires complete overhaul to make it simple-most in a manner than all those registered under GST may voluntarily and honestly comply with the system. Honest compliance of GST will result in reduction of Income Tax evasion also.

Input Tax Credit (ITC) is main source of corrupt practices under GST system. Best is to abolish 18-percent GST slab, and to retain ITC only on tradable commodities abolishing it totally from manufacturing and service sectors. It will not increase production-cost because most commodities presently coming under 18-percent GST slab will then be covered by 12-percent GST slab. Still better will be to have a unified 10-percent GST slab replacing GST slabs of 3, 5, 12 and 18 percent retaining 0-percent slab only for raw commodities which cannot be normally directly consumed. Common people will be more than benefitted because then service-sector will have 10-percent GST slab, the common-most single slab in countries having GST system.

Items of long-term use and luxury may have GST slab of 30-percent replacing existing 28-percent GST slab. Cess on extra luxurious items over present 28-percent GST slab may be replaced by GST slabs in multiples of 50 or 100 percent also bringing petroleum products under GST system.

Leave a Reply

Your email address will not be published. Required fields are marked *


Hockey: Dominant India outplay Argentina 3-0 in the FIH Pro League

HPL 2020-21 - M86 - Men ARG v IND 11/4/21,Argentina, Capital Federal Location: CENARD PHOTO: Rodrigo Jarami ...

Kiren Rijiju inaugurates KICE in Rowing in Srinagar

AMN Union sports minister Kiren Rijiju inaugurated the Khelo India Centre of Excellence in Rowing in Srinag ...


قرآن کریم اور اس کی 26 آیتیں: صرف ترجمہ نہیں ،تفسیر بھی پڑھیں

جو لوگ مذہب کی بنیاد پر اسلام میں غیر مسلموں کے قتل کو جائز سم ...

بنگلہ دیش کے قومی دن کے پروگرام کے موقع پر وزیر اعظم کے خطاب کا متن

ئی دلّی ، 26 مارچ / نوموشکار ! حضراتِ گرامی  ، بنگلہ دی ...

چھتیس گڑھ میں ماؤنوازوں کے حملے میں پانچ سکیورٹی اہلکارہلاک اور 12 زخمی ہوگئے۔

یہ واقعہ بستر خطے کے نرائن پور ضلعے میں آج شام اُس وقتپ آیا ج ...


Abu Dhabi Digital signs partnership agreement with Hewlett Packard Enterprise

WEB DESK The Abu Dhabi Digital Authority (ADDA)has signed a partnership agreement with Hewlett Packard Ente ...

Indian Army develops messaging application ‘Secure Application for Internet’

file phot AMN Indian Army has developed a simple messaging application named the Secure Application for ...


It is time to relish ‘Sadabahar’ mango

By Andalib Akhter A farmer from Kota, Rajasthan has developed an innovative mango variety called ‘Sadabah ...

Indian Army Closes Down Military Farms

WEB DESK After 132 years of glorious service to the nation, curtains were drawn on Military Farms. These Fa ...


There is no proposal to appoint a regulator for social media: Govt

AMN / WEB DESK The government has said that there is no proposal to appoint a regulator for social media. I ...

Centre approves financial assistance of Rs 5 lakh in death cases of journalists

Staff Reporter / NEW DELHI The Government today said that it has approved financial assistance of 5 lakh ru ...

@Powered By: Logicsart

The Indian Awaaz