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  3. GST rates will not affect inflation: Arun Jaitley

GST rates will not affect inflation: Arun Jaitley

30 Mar 2017 Evaluate

Dismissing the fears of price rise of goods and commodities after the roll out of the Goods and Services Tax (GST), Finance Minister Arun Jaitley has said that the tax rates will be kept at the current level and will not affect inflation. He also said that the purpose of GST Council is to ensure that all the things related to the tax structure are with consent and this is the first time such arrangements have been made on the basis of the principle of shared ownership of both the Central and State Governments.

This historic tax reform is now a step closer to meet its July 1 target of rollout, with the Lok Sabha approving four supplementary legislations. The GST bill would bring the country under single tax net for the first time. The legislations were passed after negation of a host of amendments moved by the opposition parties. GST will subsume a host of indirect taxes levied by the Centre and states, including excise duty, VAT, service tax, entry, luxury and entertainment levies. Finance Minister had presented four under the GST for consideration in parliament.

Jaitley further said that the Central GST or CGST will give powers to the Centre to levy tax after levies of excise, service tax and additional customs duty is subsumed. The Integrated GST or IGST will be a tax to be levied by the Centre on inter-state movement of goods and services. The State GST or SGST law will allow states to levy sales tax after levies like VAT are subsumed. Besides, GST compensation law allows for imposition of cess on certain luxury goods like tobacco, high-end cars and aerated drinks to create a corpus for compensating states for any loss of revenue in the first five years of GST roll out. The fourth law is on Union Territory GST or UTGST for UTs like Chandigarh and Daman and Diu which do not have assemblies. Jaitley added that all decisions on GST would be taken by the GST Council, reflecting the federal structure.

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