GST tax slabs may change, tax rates, Arun Jaitley signs down

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New Delhi: On completion of one year of Goods and Service Tax (GST), the government is celebrating GST Day. Union minister Arun Jaitley, who returned to the public program after a long break on this occasion, said that the complexity of indirect taxes in the country has ended. Due to GST, there has been a big increase in the tax collection. The prices of essential items have come down. Jatna also got great relief from less tax. Meanwhile, GST has indicated that the government can now make changes to the tax slab of GST. Changes in the slab can lead to lower rates. He said that due to the increase in the tax collection, the government can now provide relief to the public by reducing the rates of slabs. However, tax slabs can be increased.

 
Gross Income of Government IncreasedFor the first time after the Kidney Transplant, Arun Jaitley, who became part of a public program, said advance tax payment has increased gross income. GST has made India an organized market. It is one of the biggest and major decisions of the government. Jaitley said last year's country's most complex tax system was abolished. The first 17 multiple tax and 5 types of returns were arranged, 23 kind of cesses were engaged. Taxes were taxed. Each state used to set a different rate accordingly. Then there was a tax return file. Considering the federal structure in the country, GST was prepared.
One year of the GST: the government took the money
 
'Tax Increased, Now Time to Lower Rates'Arun Jaitley said that GST has increased 21 percent compared to the previous indirect tax system. Tax collection has increased, so the ability to reduce rates and rationalize them has increased. GST Council will decide the next arrangement to decide how much change in rates can be. According to sources, a slab of low rate can be finished by eliminating the highest slab of 28 percent. Let's say that 28 per cent slabs contain luxurious and big items. At the same time, according to sources in the Finance Ministry, 18 percent slab can be reduced. Because, there are many things related to public work. This is expected to provide great relief.
Rate card of GST: Know, what tax on the product, where profit and where the loss
 
Increased revenues after lower ratesArun Jaitley said that before implementing GST, everything was decided together with the states. At the same time, the GST Council was formed in the same way. Representatives of all the states were included in it. Jaitley described GST as a very easy system. There is a tax filling once. Returns are filed only once. Check posts are over by the arrival of GST. Complexity is over Tax rates have not been increased, but in spite of decreasing revenue, there is also a rise in revenues. Arun Jaitley said that it was a great journey for a year's GST. However, GST's best come yet to come.

Goods & Service Tax is a monumental economic reform. The need for GST was obvious as earlier indirect tax regime was complicated: Arun Jaitley on #GSTDay pic.twitter.com/5EhNkvLWIG

— ANI (@ANI) July 1, 2018