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Further pruning of GST rates possible: Assam Minister
Guwahati, Nov 14 (IANS) After reducing the Goods and Services Tax (GST) rates on many items of daily consumption, the Council may further prune the GST rates on goods depending on the revenue buoyancy, Assam Finance Minister Himanta Biswa Sarma said here on Tuesday.
Sarma, one of the members of the GST Council, also said the deliberations on tax rates relating to handicrafts, handloom and inclusion of real estate in the new indirect tax regime would be taken up at the next meeting scheduled for January-end next year.
“In the next GST Council meeting, there will be deliberation on handloom and handicraft and even on the real estate issues,” he said on the sidelines of the inauguration of a manufacturing plant of FMCG company Emami at Pacharia, about 25 km from the city.
“Pruning of rates (on goods) is a continuous process, but it has to be seen in terms of revenue buoyancy. As and when a higher revenue growth or buoyancy is established, there is a scope for pruning of rates (on goods). It is not that all the items from 28 per cent bracket can come down as there are many luxury goods in the bracket and from there the government gets revenue. But pruning is still possible,” he added.
Citing example of paints and cement which were kept in the higher tax bracket, he explained that these are common items, but alternatively these are sources of revenue for the government.
“If for cement, the rate is cut down by 10 per cent, the revenue involvement would be more than Rs 5,000 crore. There is a question whether the government will take that kind of risk or not.”
When asked whether the government would reduce the number of tax slabs in the GST, Sarma said: “We do not see any reason why it should come down. Hundreds of taxes were handled just five months before… now four-rate structure (in GST) is a big thing in itself. In our agenda, we were never worried about the structure. The structure was not an issue.”
On inclusion of real estate in the GST ambit, he said an approach paper was tabled at the recent meeting in Guwahati.
“But it could not be taken up for discussion,” he said, adding that issues such as architecture, surrender of stamp duty, multiplicity of taxes (across states) have to be discussed before it is brought under the GST.
Asserting that it is a live issue before the GST Council, Sarma said the idea is to bring real estate under GST.
“So, if it is brought under GST then there cannot be multiple taxes (stamp duty). Now, whether the states will be ready to surrender stamp duty or whether stamp duty will be taken as nature of goods, this architecture has to be developed.”
The National Informatics Centre (NIC) has been asked to develop a proper national e-way bill system, but they are yet to come up with the required software, the minister said.
Sarma also said the inclusion of petroleum and diesel is unlikely to be brought under GST immediately, adding that deliberation on that is not expected in the next meeting.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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