The goods and services tax (GST), rolled out on 1 July, 2017, cut marginal tax rates.
GST impact: Govt to borrow Rs 50,000 cr more this year as revenue takes a hit; fears of fiscal slippage loom
The government is having to raise extra funds as it has already spent over $200 billion in eight months to October, about 60 percent of the budgeted spending, while revenue collections were just 48 percent of the target.
The recommendation was made during the process of the Budget exercise, and the matter is with the Department of Revenue under Ministry of Finance for necessary action, Telecom Minister Manoj Sinha said in a written reply to Lok Sabha.
In the past, govt had indicated it will bring long term capital gains tax for bourses as it felt taxes on gains made on equity holdings were not much
GST collection falls in Oct: Volatility may continue; too early to call the big-bang reform a hit or miss
Changing tax rates and creating new exemptions also slows the process of estimating the exact tax liabilities, and by extension, what prospective collection estimates should be.
GST rate cut on 178 items applicable from 15 November; Narendra Modi hails council's recommendations
In a massive Goods and Services Tax (GST) rejig on Friday, the Centre shifted 178 items from the top bracket of 28 percent to 18 percent, and introduced changes in GST returns filing to ease the burden of taxpayers.