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Rationalisation of GST slabs depend on revenue collection: Meghwal

Dealers would have to maintain computerised records of input tax credit, reverse charge mechanism

Press Trust of India  |  Kolkata 

Arjun Ram Meghwal
Union Minister of State for Finance and Corporate Affairs, Arjun Ram Meghwal speaks during an interactive session on Emerging India in the Era' at Merchant Chamber of Commerce and Industry in Kolkata on Saturday. (Photo: PTI)

Rationalisation of tax slabs under the newly-introduced goods and services tax (GST) would depend on the rise in collection in the days to come, MoS for and corporate affairs said on Saturday.

Presently, there are five tax slabs including exempted category at zero, five, 12, 18 and 28 per cent. Meghwal said, while in pre-time only 8 million dealers were registered, another 1.3 million had been added after its introduction, of which 56,000 were from only, the highest among the country. He said that Network (GSTN), would be further improved. "Registered dealers may be facing some teething problems. But the system is perfect," he said.

The dealers would also have to maintain computerised records with regards to and mechanism, Meghwal said at a seminar here. He said, all these were required to eliminate the shadow economy. Regarding tax incentives in areas like the Northeast, HP and after introduction of GST, Meghwal said it would be decided by the Council.

Meghwal said that the government had introduced GST after consulting all the states and not on the basis of the majority.

Had there been an opposition from a single state, the government would not have introduced it.

First Published: Sat, August 12 2017. 22:05 IST