New Delhi: The Goods and Services Tax on various goods and services could be reduced in future, says Union finance minister Arun Jaitley. Jaitley told Manorama that the income of the government from taxes would increase considerably after the new tax regime comes into play and hence the government would be able to grant reliefs in future.
The finance minister was talking to Manorama in an exclusive interview prior to the roll-out of the new tax regime across the country.
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The tax rates fixed at present would not be hiked. If any State feels that the rates are too exorbitant, it could reduce the State Goods and Services Tax (SGST).
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The limit fixed for traders and industrialists to file tax on returns too may be raised in future. As in the case of income tax, the number of tax evaders were high in the case of indirect taxes too. The new tax regime would help crack down on such evaders, he said. The Center is for including petroleum products too in the GST regime.
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A final call would be made after considering the opinion of the State governments. The decision to exclude petroleum products from GST is not beneficial to the public. This has deprived the chance for passing on the benefit of input tax credit to the consumers in the final product, he said.
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Special session
Parliament would be holding a special session on Friday midnight for announcing the roll-out of the new tax regime. The highlight of the special session would be prime minister Narendra Modi's address to the lawmakers.
The Congress and the Trinamool Congress would boycott the session. The CPM has not issued any whip to its members.