Future actions will include further simplifying and rationalizing rate structure and bringing more products under GST.
New Delhi: As the Centre marked the first anniversary of the Goods and Services Tax (GST) on Sunday, various ministers in the BJP government hailed the game-changing tax reform.
Union Minister Arun Jaitley took to social media to share an in-depth analysis of the GST implementation. Terming it 'monumental, Jaitley said, " The Goods and Service Tax is a monumental economic reform. The need for GST was obvious as the indirect tax regime earlier was complicated."
In a Facebook post, Jaitley said that there was an increase of 18 per cent in direct taxes collection last year due to GST and demonetisation. He added that direct tax collections are expected to be significantly higher this year.
He said that 'one single tax replaced seventeen taxes and multiple cesses imposed by the central and state governments.'
He also pointed out that the UPA government had kept petroleum products permanently outside GST. However, it was the Centre's decision to bring it back under GST.
The UPA kept petroleum products permanently outside GST. On the contrary, we brought them back into the Constitution as levyable to GST and can gradually impose the GST when the GST Council so decides. For this I would continue to make my earnest efforts with the States.— Arun Jaitley (@arunjaitley) July 1, 2018
Speaking on bringing about changes in the GST structure, Jaitley stated that future actions will include further simplifying and rationalizing the rate structure and bringing more products under GST.
Key future actions in GST will include further simplifying and rationalizing the rate structure and bringing more products into the GST. I am confident that once revenue stabilizes and the GST settles, the GST Council will look into these carefully and act judiciously.— Arun Jaitley (@arunjaitley) July 1, 2018
Jaitley also criticised the Congress for its 'flawed idea' of single slab GST. He tweeted, "Rahul Gandhi has been advocating a single slab GST for India. It is a flawed idea. A single slab GST can function only in those countries where the entire population has a similar and a higher level of paying capacity."
Union Minister Piyush Goyal also took a dig at P Chidambaram's statement that every step taken by BJP govt with regards to GST was deeply flawed. Goyal said, "There was no disruption and economic growth was not affected due to implementation of GST. I would like to tell P Chidambaram that Angoor khatte hain."