New Delhi: The Goods and Services Tax (GST) has received unprecedented support from all quarters as it is a simple system of taxation, under which various taxation rates will be merged into one with no cascading effect of taxation, said Revenue Secretary Hasmukh Adhia on Thursday.
"The overall tax burden on the consumers will be much less, and they will gain because of a reduction in the prices," Adhia told ANI.
He further said that it is not necessary that after introduction of GST, services will become costly, but added that some services will have a lower rate of GST.
"There will be a marginal increase in the service tax rate, and that too in services such as financial services," he added.
"Most farming commodities will be put in the exemption list, so the farmers need not worry about anything," he said while adding that there is no question of farmers paying GST.
"The government has said that the GST will lead to revenue buoyancy, and the industry expects a simpler and more competitive tax regime where the common man will be benefitted with reduction in prices, once it is implemented," added Adhia.
The next Council meeting on the March 31 will see a framing of rules for the GST, and sometime in May, the Council will decide upon the agenda of the GST," he added.
Four Bills were passed yesterday after the Centre did not approve amendments moved by the opposition parties.
Among the Bills that were passed are The Central GST Bill, 2017; The Integrated GST Bill, 2017; The GST (Compensation to States) Bill, 2017; and The Union Territory GST Bill, 2017.
Finance Minister Arun Jaitley yesterday said the passage of the Bill in the House was history is in the making, adding that the country will witness transforming into a new system of indirect taxation.
Jaitley further informed that the other subordinate legislations will also be considered by the GST Council on March 31 and once that is approved, the principal task would remain fixing of tariff against every commodity for which a formula has already been devised....