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Aug 12, 2017 05:49 PM IST | Source: PTI

GST slabs rationalisation will depend on revenue buoyancy: MoS Finance Meghwal

Meghwal said, while in pre-GST time only 80 lakh dealers were registered, another 13.2 lakh had been added post its introduction, of which 56,000 were from West Bengal only, the highest among the country.

GST slabs rationalisation will depend on revenue buoyancy: MoS Finance Meghwal

Rationalisation of tax slabs under the newly-introduced GST would depend on the rise in revenue collection in the days to come, MoS for finance and corporate affairs Arjun Ram Meghwal said today.

Presently, there are five tax slabs including exempted category at 0, 5, 12, 18 and 28 percent.

Meghwal said, while in pre-GST time only 80 lakh dealers were registered, another 13.2 lakh had been added post its introduction, of which 56,000 were from West Bengal only, the highest among the country.

Regarding GST Network (GSTN), he said that it would be further improved.

"Registered dealers may be facing some teething problems. But the system is perfect", he said.

The dealers would also have to maintain computerised records with regards to input tax credit and reverse charge mechanism, Meghwal said at a seminar here.

He said, all these were required to eliminate the shadow economy.

Regarding tax incentives in areas like the north-east, HP and Uttarakhand after the introduction of GST, Meghwal said it would be decided by the GST Council.

Meghwal said that the government had introduced GST after consulting all the states and not on the basis of the majority.

Had there been an opposition from a single state, the government would not have introduced it.
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