Modi govt’s GST has put burden on poor: Gohil
Senior Congress leader Shaktisinh Gohil on Thursday said the Narendra Modi-led government’s complicated Goods and Services Tax (GST) has put an unbearable burden on the poor and common people.
Senior Congress leader Shaktisinh Gohil on Thursday said the Narendra Modi-led government’s complicated Goods and Services Tax (GST) has put an unbearable burden on the poor and common people.
The Congress on Thursday accused the BJP-led NDA government at the Centre of looting people by imposing the Goods and Services Tax (GST) even on essential items.
In the upcoming Union Budget, the gems and jewellery sector has urged the government for a reduction in goods and services tax (GST) to 1 per cent on revenue equivalence ratio to ease the cost burden on the industry.
Punjab Finance, Planning, Excise, and Taxation Minister Advocate Harpal Singh Cheema has said that the state has, for the first time, surpassed the Rs 30,000 crore mark in revenue collection from VAT, CST, GST, PSDT, and Excise within the first nine months of a fiscal year.
During its 55th meeting, the GST Council clarified that tax treatment for popcorn would depend on its flavour and the way it was sold; while popcorn sold loose will be taxed at 5 per cent, GST on popcorn will incre a se to 12 per cent if it was sold in packets under a brand name, while caramelised popcorn would be taxed at 18 per cent.
Out of the above, collection from petroleum products was Rs 657.99 crore while collection from liquor was Rs 195.43 crore.
He said that on the one hand in pursuance of the vision of PM Narendra Modi, several ministries and state governments are eager to bring more and more sellers on an e-commerce platform but the provision of not allowing sellers without having GST number has become a major deterrent.
A clear message from the Kanpur episode is that the cash economy is alive and kicking. Probably, instead of outlawing cash, the Government should try to integrate the cash economy in the formal economy. Also, Direct and Indirect Tax provisions should be harmonised. That said, ersatz solutions like tinkering with tax rates cannot solve the deep-rooted structural problems of our tax system
In order to remove some of confusion created by differential tax rates and it applications, the Revenue Department has issued a circular directed at all the operative officials giving clarifications regarding applicable GST rates and exemptions on certain services.
The RBI said that given the existing liquidity overhang, absence of a need for additional borrowing for GST compensation.
