News Details

( 10 Aug 2018)
Lesser tax rate to improve compliance: Min

Finance Minister Piyush Goyal has said that lower tax rates will improve compliance and enhance revenue collection as the Lok Sabha passed four bills to amend the GST law.

The Minister said that tax collection will not come down despite reduction in taxes as he allayed the concerns to that effect raised by some members.

The lower rates will rather improve compliance and enhance revenue collection, he added.

As per reports, the four bills, which were passed together by a voice vote, are the Central GST (Amendment) Bill, Integrated GST (Amendment) Bill, GST (Compensation to States) Amendment Bill and Union Territory GST (Amendment) Bill.

Goyal said in the last one year, GST on about 400 goods and 68 services were reduced. GST came into force from July 1, 2017.