India is in the final stages of fixing tariffs that various commodities will attract after the roll out of the Goods and Services Tax (GST) from July 1.
“We are now at a stage in GST that after the passage of constitution amendment laws, we have an entire set of rules and regulations that have been approved,” Finance Minister Arun Jaitley said at the Annual Session, 2017 of the CII.
Jaitley added that the rates would not be significantly different from the rates in the existing system. “Profit is not a bad word. Profiteering is not a bad word. Unfair enrichment is. Therefore, the benefit of reduced tax is something that consumers are entitled to,” Jaitley said.
The minister continued to say that in the entire effort to simplify both direct and indirect tax structure, some “tough steps” are required to see that India increasingly becomes a tax-compliant society.
“Higher resource with the state is going to now mean greater investment in infrastructure and greater investment in rural India and these are going to be the two primary drivers of growth,” he said.