There will be no changes in the GST rates unless there are anomalies seen or rates are baseless. Vanaja Sarna, the chairman of Central Boar and Customs chairman, announced it on last Wednesday.
Her announcement came immediately after a group of traders called for a two week strike against the new GST rate of 5% on textiles and demanded to reduce it.
Vanaja also said that the revenue industry will go slow at least for six months rules when it comes to carry out enforcement actions under the new GST. This will help various businesses adequate time to understand the new indirect tax regime and then move into it slowly.
Commenting on the grievances shown by the traders, Sarna said, “The issue is that (some segments of the) textile sector are taxed for the first time, so anybody who comes into the net would feel the pinch.” She also said, “With the kind of input tax credit (ITC) being offered, the assessee base will widen. I’m definitely not looking at any hardline attitude to start with, we would want it to settle down.”
The government of India rolled out GST on July 1, 2017 to revolutionize the way people pay tax in India. It is an indirect tax that aims to replace multiple indirect taxes levied by both Centre and States. GST is a single tax applicable on the supply of goods and services that currently includes the following tax slab rates – 5%, 12%, 18% and 28% for various products and services.
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