GST: 'Revenue loss due to GST', comments of PM's Economic Advisory Council Chairman Bibek Debroy
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Bibek Debroy, chairman of the Prime Minister's Economic Advisory Council (EAC-PM), says that the government is losing revenue due to the Goods and Services Tax (GST).
Bibek Debroy, chairman of the Prime Minister's Economic Advisory Council (EAC-PM), says that the government is losing revenue due to the Goods and Services Tax (GST). It should be revenue neutral with one rate. However, GST has also made things a lot easier, he said at an event.
Debroy said, the ideal GST is one that has a single rate and was intended to be revenue neutral. When GST was first introduced, the average rate should have been at least 17%. But the current rate is 11.4%. In such a situation, the government is losing revenue due to GST. He said that along with the people, the members of the GST Council also want the 28% tax rate to be reduced. But nobody wants zero and 3% tax rates to go up. So we will never have a simplified GST.
Reward up to one crore for uploading bills in six states from September 1
The Mera Bill Mera Adhikar app, a scheme to win prizes up to Rs 1 crore by uploading GST bills on the mobile app, will start from September 1. This app will be available on iOS and Android platforms. It will be launched first in Gujarat, Haryana, Assam, Puducherry, Daman & Diu and Dadra Nagar Haveli. The Central Board of Customs and Excise (CBIC) said, under this, a reward of Rs 10 thousand to one crore will be given. This is to encourage customers to collect GST bills on purchases. The minimum purchase should be Rs 200. A person can upload maximum 25 bills in a month. The bill should contain the GSTIN of the seller along with other details.
