Finance Minister Piyush Goyal said on Monday that the Goods and Services Tax (GST) has generated sufficient revenue and worked successfully in the past one year while addressing the seminar organised by Chhattisgarh Chamber of Commerce and Industries (CCCI) under the aegis of Chhattisgarh State Infrastructure Development Corporation (CSIDC).
Goyal said, “The GST in the past one year has successfully worked and has generated ample revenue. This year there won’t be a dearth of revenue if people continue to be a part of this system and pay their taxes. Just when people pay their taxes correctly, the government will be more empowered to reduce the rates even further, making the mechanism simpler.”
GST was rolled out in India on July 1, 2017 merging existing custom and excise duties bringing the whole nation under one central regulated tax system.Goyal also said that the government will reduce tax-related cases in the Supreme Court.
He added, “The government has decided to withdraw almost half of the Supreme Court cases relating to the taxation. Most of the cases in the Supreme Court are of small and medium scale businessmen.”He also stressed stated that the digitalisation of taxation has been done to stop reduce the interference of the government in the business.
On the topic of one tax rate for the entire nation, speaking at an Indian Chamber of Commerce event Goyal earlier said,” One rate of tax (GST) is a ridiculous suggestion. It would be a burden on the poor and the middle class if items of daily use like salt, sugar and clothes were taxed at 18 per cent.”
Goyal further said in the event that the then United Progressive Alliance (UPA) government led by Congress had proposed an 18 per cent single GST slab, keeping in mind the tax collections and concessions given to the poor.
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