Revenue Secretary Hasmukh Adhia has said, there is scope for rationalisation of tax rates fixed for Goods and Services Tax (GST) regime. He was speaking at a townhall meeting with industry in Bengaluru. Mr Adhia said, the intention of the government is not to increase the taxes but to increase the revenue by implementing GST.
He said, it would bring transparency, simplification and efficiency in tax administration and help in curbing tax evasion and thereby leading to tax buoyancy. The Revenue Secretary said, GST is a major customer-friendly indirect tax reform.
The GST Council, headed by Union Finance Minister Arun Jaitley and comprising of his state counterparts, had earlier this month fitted over 1,200 goods and 500 services in the tax slab of 5, 12, 18 and 28 per cent.
GST, which will unify 16 different levies, will come into effect from the 1st of July.