TT with Revenue secretary Tarun Bajaj | GST Completed 5 Years
3TT with Revenue secy Tarun Bajaj:
On GST:
In the Council the spirit of cooperative federalism is seen even though not outside
16-17 states raised the issue of extending compensation cess
Tax revenues of states would have gone down irrespective of GST because of pandemic
GST revenues are seeing growth, 30% more in fy22 than previous year
Q1 GST revenue 37% more than corresponding period last year
GST in FY23 may be 35% more than last fiscal which will resolve states' concern on shortfall
Expect monthly average GST collection at Rs 1.5-1.55 lakh crore this year
Unless economy gives surprise, CAGR of GST revenue likely at 12% despite pandemic
No mandate to Bommai committee to move to revenue neutral rates
All state FMs more sensitive of inflation, thus will take conscious decision on raising rates in next meet
Have much more reforms to do in GST, will keep taxpayers in mind
Bommai committee to decide on merger of slabs, increase in rate slabs
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On fiscal deficit:
We will be able to look at increased resources and ensure fiscal deficit within 6.4%
Q1 has seen 42-43% growth in direct taxes as compared to corresponding period in previous fiscal
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On gold duty increase:
Petrol products adding to current account deficit which is inelastic
Decision taken to curb sudden surge in gold imports which is impacting CAD
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On excise duty on fuel:
Have not taxed the entire windfall gain of producing companies
The windfall profit will now be shared, some still remains with them
Till windfall profit is substantial, this export duty will continue
We will assess every 15 days to review, if oil prices go up or come down, we will revise duty
No restrictions on quantum of fuel exports from special economic zones
Special economic zones will also have to pay export duty on fuel
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