Prime Minister Narendra Modi said the effort will be to ensure that 99 % of all items, including almost all items used by the common man, would be kept at a GST slab of 18 % or less
New Delhi: Indicating that further simplification of the Goods and Services Tax is on the anvil, Prime Minister Narendra Modi said his government wants to ensure that '99% things' attract sub-18 % GST slab.
Before implementation of the GST, registered enterprises only numbered 65 lakh, which has now risen by 55 lakh, Modi said, addressing the Republic Summit here.
"Today, the GST system has been established to a large extent and we are working towards a position where 99 % things will attract the sub-18 % GST slab," Modi said.
How will prices be affected?
- PM Modi indicated that the 28 % slab of GST would only be restricted to a few select items, such as luxury goods.
- The Prime Minister said the effort will be to ensure that 99 % of all items, including almost all items used by the common man, would be kept at a GST slab of 18 % or less.
- "We are of the opinion of making GST as smooth as possible for the enterprises," he said.
- "In earlier days, the GST was framed according to the existing VAT or excise tax structures exercised in those respective states. (With) the discussions held from time to time, the tax system is getting improved," PM Modi said.
- "The country was demanding GST for decades. I am pleased to say that GST implementation has removed contradictions in the trade market and the efficiency of system is improving. The economy is also getting transparent," Modi said.
- Even a small tax reform in developed countries is not easy, he said.
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Last Updated 18, Dec 2018, 5:52 PM