Why GST rate rationalisation is both due & needed

Quick Summary:

Gadkari's suggestion for removal of the levy is unimplementable, since it will break the GST chain, denying refunds to those who sell goods or services to insurers.

There has been a suggestion to bring some tax-exempted goods under the tax net."This is a good time to move ahead with rationalisation, which cannot be done overnight as the entire exercise will take a few months.

What added to the conundrum was higher inflation and the prospects of the 12 per cent and 18 per cent rates being merged to a median rate of 15-16 per cent.

---

More Pictures

---

Read Quick SummarySave Time

or

Article Details

Author / Journalist: Sidhartha

Category: EconomyBusiness

Markets: IndiaBangladesh

Topics: Business news GST Council GST rate rationalisation Tax rates Health insurance Life insurance

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-05 @ 08:34:08 (7 hours ago)

News Timezone: GMT +5:00

News Source URL: timesofindia.indiatimes.com

Language: English

Article Length: 1086 words

Reading Time: 7 minutes read

Sentences: 39 lines

Sentence Length: 28 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Times of India

News ID: 21924128

View Article Analysis

About Times of India

Main Topics: EconomyBusiness

Official Website: timesofindia.indiatimes.com

Update Frequency: 19 posts per day

Year Established: 1838

Headquarters: India

News Last Updated: 2 hours ago

Coverage Areas: India

Ownership: Independent Company

Publication Timezone: GMT +5:00

Content Availability: Local / Regional

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #28

Publisher Details

Frequently Asked Questions