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  3. GST will not push up goods and services prices: Revenue Secretary

GST will not push up goods and services prices: Revenue Secretary

26 Apr 2017 Evaluate

Allaying fears that GST implementation will lead to a spurt in prices, the Revenue Secretary Hasmukh Adhia has said that prices of goods and services will not see any increase due to higher incidence of tax, instead of that prices are likely to come down under the Goods and Services Tax (GST) regime. He added that almost 60 percent of the income of the Centre and states comes from items that attract 14 percent value added tax and 12.5 percent excise duty and there will be a likely decrease in the tax on each of these items under GST.

Adhia further said that though most services will be taxed at 18 percent under the GST regime, as against the current 15 percent service tax, a majority of these will get input tax credit on purchases and the overall tax incidence will remain the same. He also said that there is a possibility that there will be more than one rate for service tax. It is not necessary all services will attract 18 percent tax but abatement will be kept in mind. He added that for a few services, the rate will be decided keeping in mind abatement (relief) that it attracts. For such services, rate will be less that 18 percent.

The Revenue Secretary has said that the government will try to finalize the rates of tax for each item at the earliest to roll out GST from July 1. He also said that the government will soon issue the rules concerning the provision of GST Compliance Rating for an assessee under the law. Meanwhile, the GST Network (GSTN) system will furnish the taxpayer track record regarding the compliance level, especially about the track record related to timely uploading of supply invoices giving details about the auto reversals that have happened for invoices issued by a supplier. The Secretary added if a taxpayer tries to evade tax, the GSTN software will be able to detect that and downgrade the compliance rating.

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