Sad News GST base rate may raise to 10% from 5%

[dino29]

Well its a step to boost consumption, when direct tax is reduced people will spend that money on buying things. Also those employing people will have more cash in hand thru income tax or corporate tax or taking other government benefit schemes. I think cost of production will be lowered too by reducing tax on required raw material and ultimately consumers will get products at same price even with increased GST.

Obviously government cannot reduce its revenue which is essential to keep the country moving ahead hence this is nice strategy to counter slowdown as well as maintain healthy revenue. I hope one day there r certain special incentives brought about for income tax payers, some kind of card system where it can be swiped to obtain discounts or free services

 

[Ashok Varma]

The GST Council could reduce the four tax slabs that currently exist – 5%, 12%, 18%, and 28% – to three – 8%, 18%, and 28% – two government officials familiar with the matter said.
GST Council may go for 3 rate slabs; could make phones and air travel pricier
So, they may fix GST rates as 8%, 18%, and 28% first and then rates revised to 10%, 20% and 30% next.

 

[Aniruddha Dhar]

But increasing GST and decreasing income tax will bring more gap between rich and poor. Rich will become richer and poor will become poorer which is detrimental to the very nature of taxation especially income tax I think. Income tax is there to check the income disparity between rich and poor.

 

[iDJ]

But increasing GST and decreasing income tax will bring more gap between rich and poor. Rich will become richer and poor will become poorer which is detrimental to the very nature of taxation especially income tax I think. Income tax is there to check the income disparity between rich and poor.

Plus free marketing of ruling party by rich people to poor people with zero knowledge about taxation. They will happy hearing government reduction in taxes.

 

[Rajat Basak]

I want three tax slab. 8%, 16%, 24%.. More than 24% is too much..

 

[Aniruddha Dhar]

I want three tax slab. 8%, 16%, 24%.. More than 24% is too much..

I want only 5%, 15% and 20%. Increase income tax two folds above 10lakhs per annum.