Arun Jaitely, on Saturday, said that after the relative stabilization of Goods and Services tax (tax) in the last few months, the government could see more cuts and revisions in multiple items to further perfect the taxes, he said, “It gives us an opportunity in the times to come to increase its base and rationalize the structure as it continues to evolve.” This could mean that there will be reductions in the four rate GST structure, if the reveues are solid, and there’s less evasion of taxes. He addressed the officers of the customs department and said that the tax reform had made a lot of desirable changes in the tax system of the country, which also made an impact on the Indian economy as well, and that too, in a good way.
He said the two of the most important advancements will be to improve trade facilitation and to also make it possible for a more better detection and enforcement, so as to ignore any kind of evasion from people.
He also said, “The Prime Minister has given us goal that we must try and come within first 50. So, at a time when you were at 142, to come within first 50 is somewhat challenging.”
The tax was implented on July 1 2017, and was met with much skepticism and questioning by the media and opposition political parties, but the tax has reduced the rates of 200 items from 28% to 18%, just 50 in the highest stage. For now, there are four only GST rates of 5%, 12%, 18% and 28%. And the total revenue that had been collected from the month of December was Rs 86,703 crore.