GST rates may decrease thanks to incrementing in assets, government fully conscious of this
Economic Affairs Secretary Ajay Bhushan Pandey says that if there’s a rise within the assets, the GST rates might be reduced further. Pandey says that if the tax laws are enforced and everybody pays the tax properly then it’s bound to increase the assets. If this happens, there’s great potential for tax reduction.
● Sure to increase assets if everyone pays taxes properly.
● A number of tax forms reduced from 495 to 17-18 after GST was implemented.
● Target to possess maximum collection.
Speaking at a conference organized by industry organization FICCI, Pandey said that the govt is fully conscious of this and works are being done keeping this in mind. He said that our only goal should be to gather maximum tax at low rates. He said that the govt should collect tax because it’s vital. there’s a big got to increase the assets for more collection.
Work on reducing form under GST
Pandey said that the govt is functioning towards reducing the shape under GST. Before GST, there have been 495 forms for 17 sorts of tax. After the implementation of GST, the amount of those forms has come right down to 17-18. He said that there’s a preparation for further reduction during this. Thanks to the IT-based platform, there’s no more Inspector Raj and GST is totally face-less.
Tax profile are often provided to taxpayers
Referring to the new step taken for tax assessment, Pandey said that the govt is promoted self-compliance. He said that the govt is functioning on providing complete tax profile to all or any tax payers. It’ll contain information associated with taxpayers in order that they are often shared during a safe and secure manner, watching complete personal privacy. If this happens, then it’ll be easy to urge loans from banks also. He said that each one information is being integrated for the advantage of the people.