New Delhi: As many as one crore traders and businessmen are expected to come under the ambit of the Goods and Services Tax (GST), a tax reform that will also help in economic integration, Union Minister Jayant Sinha said today.
The Minister of State for Civil Aviation said that multiple rates were needed under the GST in efforts to ensure price stability and revenue neutrality. The GST, a unified regime for indirect taxes, is to be rolled out at midnight tonight.
There are four tax slabs under the GST -- 5, 12, 18 and 28 per cent. Speaking at the conclave on the GST organised by television channel Aaj Tak, Sinha said the tax reform would make things easier.
Around one crore traders, businessmen and others are expected to come under the GST ambit. Currently, there are 80 lakh individuals and entities paying various central and state taxes, Sinha said here.
To a query on the Opposition deciding not to attend the GST launch function at midnight, Sinha, who had earlier served as the Minister of State for Finance, said the GST is not a political issue but a tax reform that would bring in revolution.
Sinha also said that tax collection has gone up post demonetisation while the cash to GDP ratio has come down to around 10 per cent from 12 per cent earlier. He was responding to a question on how much money has come into the system after demonetisation.
