Empowering MSMEs with News & Insights

No immediate revisions after the previous changes in taxation, new structure fit to benefit MSMEs: Adhia

Updated: Nov 20, 2017 05:37:05am
image

No immediate revisions after the previous changes in taxation, new structure fit to benefit MSMEs: Adhia

New Delhi, Nov 20 (KNN) With regard to the newly rolled out Goods and Services tax (GST) in the country, the Finance Secretary Hasmukh Adhia said that after the previous set of announcements, there is not going to be any immediate rate revisions again. Adhia further said that the new tax regime is in the best interest of different sectors including the Micro, Small and Medium Enterprises (MSMEs) in the country.

The Secretary made the following remarks saying that the latest revisions almost stabilizes the structure and demands of all the sectors were met.

The GST Council last week had removed 178 items from the highest 28 per cent category and also reduced tax on all restaurants outside starred-hotels to 5 per cent. Currently, only 50 products, including luxury and sin items, white goods, cement and paints, automobiles, aircraft and yacht parts continues to exist in the top 28 per cent slab.

In an attempt to facilitate the revision, Adhia urged the retail firms to pass on the benefits to the consumers.

Adhia informed that the newly constituted anti-profiteering authority under the GST regime will ensure that the benefit of lower rates is passed on to the consumers.

The anti-profiteering  committee approved by the Union Cabinet recently is structured to  to ensure that the full benefits of input tax credits and reduced GST rates on supply of goods or services flow to the consumers.

Commenting over the inclusion of other sectors like petroleum in the One Nation One Tax regime, Adhia said that the government will take a call on it after the revenue trends of the indirect tax regime is clearly established. (KNN/DA)

COMMENTS

    Be first to give your comments.

LEAVE A REPLY

Required fields are marked *