Once-a-year tweak in GST rates on the cards, says FM Nirmala Sitharaman

 Once-a-year tweak in GST rates on the cards, says FM Nirmala Sitharaman

The government is examining a proposal to consider tweaks in GST (goods and services tax) rates only once a year against the present trend of periodic changes. Speaking at a press meet in Kolkata on Sunday, Union Finance Minister Nirmala Sitharaman said: “Periodically changing rates brings uncertainty and creates a ripple effect on businesses because they cannot ascertain how much to keep aside for the year.

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The government also does not know how much revenue would come in. So we, not formally, propose to the GST Council to consider a situation where rate rationalisation can be done only once a year.”

“We are repeatedly telling industry … whenever they approach us for rate reduction … they should also convey the same concern to the states, and the state minister should also voice the same concern in GST Council meetings. It is a federal structure, where there is a healthy relationship between the Centre and the states,” she said.