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Revenue secretaryTarun Bajajon Tuesday said there is scope for further pruning of theGST exemption listand expressed hope that the rough edges in the indirect tax regime will be ironed out in the next 2-3 years. He further said that the rise in GST collection is on account of multiple factors, like increased economic activity post-Covid, and better compliance, besides inflation. TheGST Councillast week removed exemptions on a host of goods and services, including pre-packed and labelled fo
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FAQ :
Tarun Bajaj stated that there is scope for further pruning of the GST exemption list and expressed hope that 'rough edges' in the indirect tax regime will be ironed out in the next 2-3 years.
The GST Council recently removed exemptions on pre-packed and labelled food items, non-ICU hospital rooms above Rs 5,000, hotel rooms below Rs 1,000, fees for cheque issuance by banks, maps and charts, and services rendered by regulators like RBI, IRDA, SEBI, and FSSAI.
The rise in GST collection is attributed to increased economic activity post-Covid, better compliance, and inflation.
Tarun Bajaj is hopeful that with the correction of inverted duty structures and the reduction of exemptions, stability in tax rates could be seen in the next 2-3 years.
The 18 per cent slab contributes the largest portion, 65 per cent, of the gross GST revenue, while the 28 per cent slab contributes 16 per cent.
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