100th Day Of Lockdown

Maharashtra180298931548053 Tamil Nadu94049529261264 Delhi89802599922803 Gujarat33318240381869 Uttar Pradesh2405616629718 West Bengal1917012528683 Rajasthan1831214574421 Telangana173578082267 Karnataka165148065253 Andhra Pradesh152526988193 Haryana1494110499240 Madhya Pradesh1386110655581 Bihar10204781173 Assam8956583212 Jammu and Kashmir76954856105 Odisha7316535333 Punjab56683989149 Kerala4594243626 Uttarakhand2791190937 Chhatisgarh2339193713 Jharkhand2339160512 Tripura140110931 Manipur12605790 Goa11984783 Himachal Pradesh9796179 Puducherry73930112 Nagaland5351820 Chandigarh4463676 Arunachal Pradesh182601 Mizoram1601230 Sikkim88490 Meghalaya50421
Business Other News 11 Oct 2018 GST 'most compl ...

GST 'most complex', needs massive fixing: Punjab Finance Minister

PTI
Published Oct 11, 2018, 5:42 pm IST
Updated Oct 11, 2018, 5:42 pm IST
The way India designed its GST, I would actually give it 2 out of 10, says Manpreet Singh Badal.
The current Goods and Services Tax model implemented by the NDA government was the 'most complex' in the world and has to be further simplified, Punjab Finance Minister Manpreet Singh Badal has said.
 The current Goods and Services Tax model implemented by the NDA government was the 'most complex' in the world and has to be further simplified, Punjab Finance Minister Manpreet Singh Badal has said.

Hyderabad: The current Goods and Services Tax model implemented by the NDA government was the 'most complex' in the world and has to be further simplified, Punjab Finance Minister Manpreet Singh Badal has said.

Manpreet said though he was not against the GST, it was "poorly designed" and needed massive fixing.

 

"There are 161 countries where GST has become law. But the way India designed its GST, I would actually give it 2 out of 10. I am part of the GST Council and ever since the rates were discussed, my own feeling is the model which India is following is actually the most complex in the world," Manpreet told PTI here Wednesday.

According to him, GST has actually been 'messed up.' He said the centre had claimed that GDP would go up by two percentage points once GST was implemented, compliance would become very simple and tax revenues would go up.

However the exact opposite had happened. GST compliance was hugely complex and less taxes were being collected when compared to the pre-GST period, he charged. "Similarly, growth has also not picked up. Obviously there is something wrong," he said. GST, which brought a one-tax regime in the country, was rolled out last year.

Manpreet further said if one looked at balance sheets of companies listed on the stock market--the big industries gained 10 per cent, but the medium industry was down 30 per cent and the small industries, down by 300 per cent. "It's a bloodbath as far as small and medium enterprise is concerned.We are concerned about that".

"As a Finance Minister I want GST to succeed.I hope we can fix it, but probably you will have to wait for the next government. Because this (NDA) government has now gone into an election mode and they will not try to fix it".

Asked about slab rates in GST, Manpreet suggested going in for two slabs. "The rates have to come down from four to five slabs and a very high rate of taxation". He opined that it could be fixed at around 15 per cent and added that one should also listen to the stakeholders and simplify the GST law, which was very complex.

...
Location: India, Telangana, Hyderabad




ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT