The GST council chairperson and the union finance minister of India Arun Jaitley indicated that the goods and services tax has got on the track very well and very soon particularly in a very short time which has further made the council to take a liberal decision in consideration with the wider tax base and tax rates rationalisation.
The union minister went on to say that the GST has made a better comeback and has changed the structure and system of indirect taxes across the nation in very less time, which is commendable. As said by the Arun Jaitley, GST had “stabilised in a very short time in India” when compared to the other countries where it was applied previously.
In an event of International Customs Day, he said that “Therefore, it gives us an opportunity, in time to come, to increase its base and rationalise the structure as it continues to evolve.” As according to the rate rationalisation, the matter is under discussion as there are 4 rates applicable currently i.e. 5%, 12%, 18% and 28%. To further make some changes to this slab rate, there must be stability in the tax scheme in order to reap higher benefits from the changes.
Earlier there were lower tax collections followed by a higher in December with INR 86,703 crores, while the highest till now was seen in the month of September with INR 92,150 crores.
