Quick Summary
Ahead of the GST Council meeting on September 9, Union Finance Minister Nirmala Sitharaman emphasized that the current GST rate of 12.2% is significantly lower than the revenue neutral rate (RNR) of 15.3%. This reduction, she noted during an event by the Revenue Bar Association in Chennai, translate
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FAQ :
The current GST rate is 12.2%.
The revenue neutral rate (RNR) for GST is 15.3%.
It means the current GST rate is significantly lower than what's needed to maintain government revenue, resulting in a lighter burden for taxpayers.
The Finance Minister stated that revenue generation is the last consideration in budget consultations, with a priority on simplifying and easing compliance for taxpayers.
It refers to the unified taxation system established under GST, aiming for a single tax structure across the nation.
They can cooperate in developmental activities and in widening the tax base to enhance revenue generation without placing undue burdens on taxpayers.
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