The Federation’s Finance Minister Nermalla Sitaramann said in an exclusive interview with unequal development levels, that the tax and unified services tax (GST) throughout India is not possible at the present time due to unequal development levels. India TV today. Although the “One One GST” vision remains intact, I noticed that such a framework can only be considered as soon as the country achieves a balanced growth in all regions.
Sitharaman explained that the logical basis behind the current GST structure, he said that different regions in India are at varying levels of economic development, which makes it practical imposing the same tax rate at the country level.
She stated her interaction with the late Aaron Jaitley, who provided commodity and services tax, she said, “Is it possible to deal with the Benz and Hawaii Chapal in the same way and have one tax?”
“The person who buys the Hawaii Chapal is not in a position to pay a more tax than the person who buys a Benz car. On the other hand, the person who buys a Benz car in a position allows him to pay more. Therefore, for India where today a unified rate stands at anything at the present time, it will be unjustified.”
In its first interview after the reform, Sitharaman confirmed that the average commodity and unified services tax can only be considered when achieving economic parity throughout the country.
Speaking after the GST 2.0 was launched on September 22, the Minister of Finance said that the government’s immediate focus is to ensure the translation of tax cuts into real advantages of consumers. She said strict monitoring will verify that industries, including insurance, are transferring benefits.
She also emphasized that there are no current plans to bring gasoline and diesel under commodity and services tax or restore input tax (ITC) for real estate developers, despite the continuous demands of this industry.
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