VAT News

India Determined to Raise Taxes and Review Exemptions in a Bid to Increase Revenue

The GST council is set to meet in the second half of December in order to discuss ways to increase revenue. This will include changes to GST rates and cess levied on select goods. This is the first meeting ever in India where tax increases will be considered seriously, ending the long run of GST rate reductions.

The move to review tax rates, exemptions and the cess comes amid a shortfall in revenue receipts of the union and the state governments and the latter accusing the Centre of delays in giving them their GST compensation. The proposed meeting will also consider ways to improve compliance.

vatglobal are experts in Indian tax compliance and assist companies around the world stay 100% compliant amidst the complex and ever-changing requirements of tax legislation. To speak to a consultant, email info@vatglobal.com.

Source - Livemint

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