Revenue Neutral Tax Rate In Gst
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Therefore an adjusted in tax rate is required to avoid reduction in revenue of the government.
Revenue neutral tax rate in gst. In theory the shift to gst made eminent sense. Revenue neutral rate rnr and inflation. What should be the revenue neutral rate. 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.
This rate is what has come to be known as revenue neutral rate. There is talk of a revenue neutral rate rnr of between 15 to 18. In the gst regime the revenue of the government would not be same in comparison with the present tax structure due to tax credit mechanism removal of cascading effect or otherwise. The rnr for the centre is 5 and for the states 6 3.
The revenue neutral rate as per the rnr revenue neutral rate committee was 15 3 percent. Whether the gst would be inflationary or not would depend on the rate s fixed for the gst. For determining what should be the revenue neutral rate the national institute of public finance policy had undertaken a study on revenue implications of gst and estimation of revenue neutral rate. Will get resolved in the.
These values yield a revenue neutral gst rate of approximately 11 200 as per cent of 1 763 is 11 3. Is the revenue neutral rate really neutral. This implies that government tax revenue will come down when india moves to the gst regime. It would bring about uniformity in tax rates across the country integrate the country into a common market end the cascading of taxes widen the tax base and raise government revenues.
Allowing for some leakages the combined rnr could be in the range of 12. Theoretically gst should have been revenue neutral. This increased tax rate has been called the revenue neutral rate rnr. 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.
Compared to this the weighted gst rate at present according to the rbi is only 11 6 percent the. If the government wishes to collect the same amount of tax as in earlier tax regime it needs to raise tax rate to make adjustments.
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