FM says frequent changes to GST rates upset calculations
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Finance minister Nirmala Sitharaman on Friday signalled that the Centre may push to limit changes in goods and services tax rates by the GST Council to only once a year instead of continuing to allow frequent tweaks.
Speaking at the 18th edition of the Hindustan Times Leadership Summit, Sitharaman seemed to suggest that apart from the economic downturn prior to and post the pandemic, the frequent tweaking in the GST rates adversely impacted revenue collections.
“Ideally, I have been requesting that the council doesn’t in every one of its sittings, decide to change rates upwards or downwards. It actually upsets the calculation of your revenue generation. As a result, states or the Centre’s planning that this year they expect so much to come from GST need to be recalculated every three months after a council meeting," she said.
“Like in the Budget, taxation-related issues, particularly (GST) rates, can be dealt with once, so that at least for the next 12 months, there is a predictable course. I am sure the GST Council will not hesitate to discuss and take a call on this," Sitharaman said.
Speaking at the 18th edition of the Hindustan Times Leadership Summit, Sitharaman seemed to suggest that apart from the economic downturn prior to and post the pandemic, the frequent tweaking in the GST rates adversely impacted revenue collections.
“Ideally, I have been requesting that the council doesn’t in every one of its sittings, decide to change rates upwards or downwards. It actually upsets the calculation of your revenue generation. As a result, states or the Centre’s planning that this year they expect so much to come from GST need to be recalculated every three months after a council meeting," she said.
“Like in the Budget, taxation-related issues, particularly (GST) rates, can be dealt with once, so that at least for the next 12 months, there is a predictable course. I am sure the GST Council will not hesitate to discuss and take a call on this," Sitharaman said.
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