Quick Summary
With initial hurdles in the Goods and Services Tax (GST) system largely resolved, the Indian government is gearing up for a new wave of reforms in the upcoming interim budget. Experts anticipate Finance Minister Nirmala Sitharaman to provide a broad outline of second-generation GST reforms, focusing on key areas such as rationalizing tax slabs and potentially incorporating petroleum products under the GST ambit. Resolution of Teething Issues After grappling with teething issues, including
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FAQ :
Finance Minister Nirmala Sitharaman is expected to unveil a roadmap for second-generation GST reforms, focusing on rationalising tax slabs and potentially including petroleum products.
The reforms are expected to concentrate on rationalising tax slabs and bringing petroleum products under the GST regime.
The current four-tier tax slab structure (5%, 12%, 18%, 28%) may be streamlined. The 12% slab could be eliminated, with its items merged into other slabs, and there's speculation about adjusting the 5% slab to 8%.
Bringing petroleum products under GST is a contentious issue. While the union government supports it, most states are cautious due to revenue concerns. Aviation turbine fuel and natural gas are also being considered.
GST revenue has stabilised, with monthly collections averaging over Rs 1.6 lakh crore, emboldening the government to pursue further reforms.
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