Revenue Neutral Rate Gst
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And because gst is a value added tax it is expected that tax collection would fall when it comes into effect.
Revenue neutral rate gst. Gst and revenue neutral rate first published. Revenue neutral rate in gst may simply be defined as the tax rate which seeks to achieve and garner similar revenue under the newly implemented tax structure as collected from taxes which are sought to be subsumed and were in force prior to the implementation of the new tax structure. Asserting that the government is determined to implement gst from the next fiscal economic affairs secretary shaktikanta das on tuesday expressed confidence that the revenue neutral rate structure will be decided the next month. The range varies from 12 per cent to 24 per cent and the truth could lie somewhere in between.
December 2 2015 last updated december 2 2015 because gst removes the problem of tax on tax and cascading effect of various taxes. The rate structure on which there is a lot of discussion going on at the moment with the gst council and also in the public domain. Revenue neutral rate structure to be finalised next month. Will get resolved in the.
Allowing for some leakages the combined rnr could be in the range of 12. Asserting that the government is determined to implement gst from the next fiscal economic affairs secretary shaktikanta das today expressed confidence that the revenue neutral rate structure will be decided the next month. According to the kpmg international cooperative s corporate and indirect tax rate survey 2014 covering 132 countries across the globe. These estimates are by no means precise.
Theoretically gst should have been revenue neutral. These values yield a revenue neutral gst rate of approximately 11 200 as per cent of 1 763 is 11 3. What are your expectations on the gst rates. The rnr for the centre is 5 and for the states 6 3.
Nobody can tell accurately what the revenue neutral rate is. In theory the shift to gst made eminent sense. The success of gst will largely depend on the determination of ideal rate at central level as well as state level which should be acceptable to the public and revenue neutral to government.
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