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GST below revenue neutral rate: FM
Union Finance Minister Nirmala Sitharaman on Thursday said that the Goods and Services Tax (GST) rate is much below the revenue neutral rate (RNR), originally suggested at 15.3 per cent, which means less burden on taxpayers.
Chennai: Union Finance Minister Nirmala Sitharaman on Thursday said that the Goods and Services Tax (GST) rate is much below the revenue neutral rate (RNR), originally suggested at 15.3 per cent, which means less burden on taxpayers.
The current average GST rate has decreased to 12.2 per cent as of 2023, much below the revenue neutral rate in GST, the Finance Minister said during an event organised by the Revenue Bar Association here.The government needs to raise revenue, “but simplifying, easing and ensuring compliance for taxpayers comes first”, she said. Her comments came ahead of the 54th GST Council meeting in New Delhi on September 9.
In an earlier post on X, the minister had said that despite the GST rate being less than the prescribed revenue neutral rate and Covid-19 affecting the revenues, “GST collections (as a percentage of GDP) have now reached the levels they were before GST (both net and gross).
