Scope for lesser slabs under GST after revenue buoyancy, says Finance Minister

01 October, Faridabad

 

Union Finance Minister Arun Jaitley Sunday said that there is scope for lesser slabs under the Goods and Services Tax once there is revenue buoyancy.

He said there is space for improvement and also need for improvement to reduce compliance burden on small taxpayers.

Addressing the Indian Revenue Service (IRS)officers at Faridabad, the finance minister said indirect tax burden is borne by all the sections of the society and it is always government’s endeavour to bring down tax rates on items of mass consumption.

Noting that India has conventionally being a non-tax compliant society, Mr. Jaitley said when people have the right to demand development, they also have the responsibility to pay taxes for the development.

He said revenue is the lifeline of governance and all the developmental activities and India can leapfrog into a category of a developed economy only if it acquires that kind of revenue.

Mr Jaitley said the tax officials should not have to extort taxes from those who are not liable to pay and they should not invite fear but respect as somebody who wants tax compliance.

He also said that there are never grey areas in taxation law and it is the duty of the tax officers to be firm and fair.

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