Govt to ensure reasonable GST rate: FinMin
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Government is trying to keep proposed GST rate as reasonable as possible to ensure success of the new indirect tax regime and better growth of the economy. Revenue Secretary Shaktikanta Das said this at a function in New Delhi today.
He also said the effort of the government is to ensure a tax-payer friendly administration and also to see that the black money law is not misused.
The government has notified the black money law from 1st of July giving a 90-day compliance window for those holding undisclosed foreign assets to declare and come clean by paying 60 per cent tax and penalty. The disclosure window will close on 30th of September and the tax and penalty has to be paid by December 31st.
On GST, Mr. Das further said, a panel under Chief Economic Advisor as well as another one under the empowered committee of state finance ministers, are studying what should be the GST rate. Internationally, the GST rate ranges between 16-20 per cent. However, there are exceptions like Japan where the rates are 8 percent, Australia, 10 per cent and Germany 23 percent.
He also said the effort of the government is to ensure a tax-payer friendly administration and also to see that the black money law is not misused.
The government has notified the black money law from 1st of July giving a 90-day compliance window for those holding undisclosed foreign assets to declare and come clean by paying 60 per cent tax and penalty. The disclosure window will close on 30th of September and the tax and penalty has to be paid by December 31st.
On GST, Mr. Das further said, a panel under Chief Economic Advisor as well as another one under the empowered committee of state finance ministers, are studying what should be the GST rate. Internationally, the GST rate ranges between 16-20 per cent. However, there are exceptions like Japan where the rates are 8 percent, Australia, 10 per cent and Germany 23 percent.
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