GST revamp: Centre, states equal stakeholders! Govt clarifies concerns over impact on state revenues
The Centre is proposing a two-slab 'Next Gen GST' structure, sparking revenue concerns. Government sources clarify that the Centre and states share revenue equally, anticipating increased consumption to boost revenue over time. Despite initial concerns when the compensation cess period ended, GST revenues have improved, with tax buoyancy expected to rise further with proposed reforms.
The Centre is proposing a two-slab 'Next Gen GST' structure, sparking revenue concerns. Government sources clarify that the Centre and states share revenue equally, anticipating increased consumption to boost revenue over time. Despite initial concerns when the compensation cess period ended, GST revenues have improved, with tax buoyancy expected to rise further with proposed reforms. What's Your Reaction?
