The Big Picture : GST Review & Reform

In its 38th meeting on Wednesday the GST Council, voted for uniform rate of 28% on lotteries across the country. It was for the first time since the launch of the new overarching indirect tax that the Council took a decision through the voting route. During the voting, 21 states voted in favour of a uniform rate on lotteries. On top of the agenda of the meeting was to explore ways and means to maximise revenue collection by checking tax evasion. The government has set a Rs. 1.10 lakh crore monthly GST collection target in the remaining four months of this fiscal year. The GST Council also rationalised tax rate on woven and non-woven bags to 18%. On this edition of the big picture we will analyse the Indirect Tax reform and the way ahead.
Anchor: FRANK RAUSAN PEREIRA
Guest: A.K. Bhattacharya, Editorial Director, Business Standard
Banuchandar Nagarajan, Former Consultant, The World Bank,
Washington DC
Prof. Aman Agarwal, Director, Indian Institute of Finance

[@deepamishra1960]

Key points IMO: 1. 38th GST Council meeting: First time a decision taken through voting (21 states voting in favour of uniform tax rate for lottery), Revenue target of 1.1 lakh crores per month within four months, Tax rate change for woven and non woven bags - 18% 2. Revenue augmentation committee for improving tax collections. 3. Measures to increase tax revenue: Considering the recommendations of Augmentation committee instead of Ad hoc change in tax rates is appropriate considering the current economic distress. Also frequent changes in tax rates are problematic. 4. People find difficulty in filing procedures of GST due to its complex nature which must be simplified 5. Plugging of loopholes through punitive measures 6. Patience of both Government and the people is required since this change is one of the biggest economic reforms in our history. 7. Issue of compensation to states: Payment of mounting dues could be met by levying cess on items with 28% tax slab, Preventing tax evasion or By bringing "fuel" into the GST tax brackets. 8. Tax evasion issue: 5% tax slab goods doesn’t enjoy input tax credit and hence are mostly exploited by evading taxes. It must be addressed. 9. Way forward: Inflation targeting of RBI affects the tax collection due to reduced consumption and hence it must be relaxed temporarily. Also, simplification of Tax rates (Reducing tax slabs) and methods are the need of the hour.

[@adeitykaushik4832]

Thanks for the summary

[@pkaarthi]

Thanks good job

[@harbhajansingh8881]

thanks a lot bro...we need more people like you. Kudos...please do for morr videos

[@sauravkumardubey8349]

Harbhajan Singh thanks for winning us the 2011 wc

[@amankumarkanth]

Thanks

[@sanjibbera9194]

Thanks @RajyaSabhaTV

[@pandit-jee-bihar]

Lack of single GSt Rate is kind of counterproductive in the sense that it was supposed to be "one nation, one tax" and simplify the complex taxation system of India. The fiscal federalism also is compromised to some extent because state is now at the mercy of central government so far as revenue collection is concerned as they can no longer decide their share of tax money. Many states have not received the additional amount which was promised by the center to compensate for the revenue loss due to GST implementation. Not sure how many reviews it would take to arrive at that sweet spot of uniform tax rate and evenly distributed revenue among states.

[@sv1500]

Very aptly written. Nice nice.

[@arunthattadath]

SIngapore is a tiny country,, is it feasible to adopt their model in a big and diverse country like India?

[@gmediagroupss]

Bhanuchandar hardly used 'like' in his first chance. Only 8 times. I dont know about the next chance.

[@bikramkumar3923]

Thanks rstv

[@shivajigurjar97]

Thanks RSTv

[@nehaatre5538]

Thank you Frank sir

[@shubhamsrivastav7169]

@ thanks

[@mandeepdhull3136]

At 5:20, Shri Aman Agarwal please use GST Council instead of government, you seem to be too obsessed with government!

[@vivekmr914]

gst council headed by finance minister

[@mandeepdhull3136]

vivek MR yes definitely, but everybody has its saying. This is a constitutional office. But neutral person define things better.

[@bharatiya-akp]

States are not doing enough to help centre to reach GST target

[@upanidesh]

How ?? Can you please elaborate, or share a link that justifies your statement..!!

[@bharatiya-akp]

@@upanidesh growth of country depends on growth of states. GST collection increases if business and economic activities within states increases, for this states must act as a facilitator and ensure it implements all schemes announced by central government and states must think beyond politics and should not rely more on compensation rather create a business environment in such a way that it will increase its economic activities.

[@fabuvn]

Seeing Aman Agarwal in the panel after a long time 😞 Aman Agarwal supports the government every single time. Maybe he shouldn't be invited.

[@gmediagroupss]

Govts view is very important man.

[@kalambenitin24]

Nitin Desai ?

[@sushilkumarsingh8847]

I am more fan of you frank rausan sir ji your expressions is more of stunning of another ancor rstv

[@irshadmohammad2137]

A.k. Bhattacharya look likes new trendy...

[@georgethomas5067]

Is RSTV aware about protests against CAA all over India ???? You are talking about public property getting damaged. But not about the constitution being damaged. You are discussing about violence from the people's side. But not about the authoritarian policies and repression of govt. RSTV is becoming a mere mouthpiece of govt. Most of the debates have only people who support govt policies. For namesake they tell one or two arguments against govt.

[@yashsoni2728]

Already 2 debates have been done on CAA :) Kindly check previous videos before pointing someone 👍

[@rudalibellator1739]

Go and watch communist channels and help your Gabriel sena formed by soldiers of faithful

[@georgethomas5067]

@@yashsoni2728 first debate was before bill was passed. And second debate was about a totally irrelavant issue(USCIRF). They didn't conducted any discussion about CAA, NRC and protests in which as of now 9 people died, 100s are injured. And whatever discussion conducted was one sided

[@pauljhn1]

In what way the Constitution has been damaged by the CAA? And to speak lightly of the damage being done to the public property by protesting mobs... way to go

[@georgethomas5067]

@@pauljhn1 indian constitution or public property. Which is more important???

[@bhagyasinghgurjar9803]

Aman and Bhanu seems to be loyal bhakts Please don't invite these guys

[@ravilattam2727]

I am sorry to say this. This space is used by UPSC aspirants for discussion. Please don't bring politics here. This is the only space available for us, as most of the channels are already filled with these political comments. You have every right to support your ideology but please do consider this request.

[@deepamishra1960]

I suggest you to agree to disagree. That is what intellectuals do.

[@shivajigurjar97]

We should learn to listen other's point of view brother

[@dairyman3854]

Why r u asking for chamcha experts .. U can find them in NDTV...

[@jawalaprasad3361]

You go to the channel like 'the wire,prime time with ravish ,the quint,karan thapar and many more which is the bed partner of islam ,liberandu,Congress