Finance Minister Nirmala Sitharaman on Friday admitted before a group of businessmen and taxation experts that the Goods and Services Tax (GST) framework may still have some flaws two years since its introduction, but sharply advised them against "damning" a law that has been passed by Parliament with widespread approval. Ms Sitharaman's comment came during an interaction with a group of businessmen, entrepreneurs and chartered accountants in Pune, after a cost accountant attending the event offered suggestions to rectify "certain problems" in the GST structure. "If these concerns are addressed, much of the burden can be eased without even changing the structure of the tax regime," the man was heard saying in the video. "Everybody will be happy, and it will turn into a Goods and 'Simple' Tax. As of today, everybody from industry leaders to consultants and auditors are cursing the government..."
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The high-powered GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on September 3-4 to discuss moving to a two-slab taxation.
The Centre's proposed reduction in GST is also expected to lead to a drop in costs for car buyers, reducing on-road prices as well as EMIs.
Proposed GST cuts on petrol and diesel vehicles could reduce EVs price advantage, slowing adoption while causing major revenue losses for the government - HSBC.
A key meeting of the Group of Ministers (GoM) on GST rate rationalisation on Thursday ended with state finance minister accepting the Centre's plan to reduce the number of tax slabs.
Over 50 million Micro, Small and Medium Enterprises in India, who have GST and Business PAN (B-PAN), can have digital procurement access through Amazon Business ahead of the upcoming festive season, the global e-commerce giant said on Thursday
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