What Is Revenue Neutral Rate
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It has recommended the revenue neutral rate rnr in the range of 15 percent to 15 5 percent combined rates for centre and states with a preference for the lower end of the range.
What is revenue neutral rate. According to the report the term revenue neutral rate rnr will refer to that single rate which preserves revenue at desired current levels. For example currently. This means the revenue neutral rate calculation will require an estimate of the final assessed value for the current fiscal year. It is intended to make the property tax reappraisal and rate setting process more transparent but instead it often muddies the waters.
The revenue neutral tax rate is a bundle of contradictions. This is revenue neutral taxation or call it a revenue neutral tax rate. In context of goods and services tax in india the revenue neutral rate is a rate of gst at which the amount of taxes currently collected by the government and the amount expected to be collected after gst remains the same. A revenue neutral rate will need to be calculated before the end of the current fiscal year the final assessed value for this year will not yet be available.
These values yield a revenue neutral gst rate of approximately 11 200 as per cent of 1 763 is 11 3. The rate is required to be calculated and published by local governments but need not actually be adopted for the coming fiscal year. The rnr for the centre is 5 and for the states 6 3. This way even if the govt looses revenue from abolishing the 3 taxes it would earn exactly the same from new tax.
Allowing for some leakages the combined rnr could be in the range of 12. The rate is required to be calculated and published by local governments but need not actually be adopted for the coming fiscal year. This may be a reasonable compromise provided all other goods and services are made taxable at the single standard rate of 16. It is intended to make the property tax reappraisal and rate setting process more transparent but instead it often muddies the waters.
If we were asked to calculate a revenue neutral rate for a new taxation which replaces these 3 taxation we will calculate it to 12 33 37 300.
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