GST has brought a lot of discipline in the financial dealings of the corporate/individual sector. A company cannot sell goods or services to a company like HUL or ITC without paying GST. It has helped in the white economy, ease of doing business, and matching of figures and calculations you give to different agecies like CBIC, CBDT , Revenue Secretary Tarun Bajaj said in an exclusive conversation with Business Today TV Managing Editor Siddharth Zarabi.
He stated that the number of assessees which were around 70 lakhs in 2017 has now reached to 1.40 lakh crores. We are moving ahead towards a formal economy where the tax base will go up and there will be no difference in set of principles for the businesses across India.
On being asked about the drawbacks of GST, Bajaj said, there is a issue of inverted duty structure in some cases and need to look at whether GST rates can be shrunk into a single rate as against current six tax slabs so, the difference between similar products is not there and they fall into one category rather than different categories, Bajaj said here.
Read more / View interview: businesstoday.in
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