Revenue Neutral Rate In Gst
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Allowing for some leakages the combined rnr could be in the range of 12.
Revenue neutral rate in gst. The rnr for the centre is 5 and for the states 6 3. And because gst is a value added tax it is expected that tax collection would fall when it comes into effect. Gst and revenue neutral rate first published. Revenue neutral rate structure to be finalised next month.
Since the gst is primarily intended as an exercise in reforming the consumption tax in india and not an exercise for additional resource mobilisation through discretionary changes the cgst and sgst rates should be such rates which would yield the same revenue as collected from the various taxes which will be subsumed in the cgst and sgst that is it should be a revenue neutral rates. December 2 2015 last updated december 2 2015 because gst removes the problem of tax on tax and cascading effect of various taxes. The range varies from 12 per cent to 24 per cent and the truth could lie somewhere in between. The rate of gst needs to be much lower than what is recommended even from the point of view of being really revenue neutral.
The gst rates would be fixed after ensuring that there would be no revenue loss from the proposed changes and a normal growth is maintained. 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. 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.
What are your expectations on the gst rates.
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