Congress Calls for GST 2.0 Debate Amid Rate Changes
The Congress has urged for an official discussion paper on GST 2.0 to spark a broader debate, highlighting the need for a 'Good and Simple Tax'. This follows Prime Minister Modi's Diwali announcement of reduced GST rates to spur economic growth and address ongoing issues such as evasion and multiple exemptions.
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The Congress Party has demanded the government release an official discussion paper on GST 2.0 to initiate a broader debate. This call for reform comes right after Prime Minister Narendra Modi's announcement to lower GST rates by Diwali to reduce the cost of everyday items.
Congress leader Jairam Ramesh noted that the party has been advocating for a revamped GST 2.0 for over a year in the lead-up to the 2024 elections. He criticized the current GST regime, calling it a 'Growth Suppressing Tax' due to its complex rate structure and numerous exemptions.
The party insists that simplification is necessary to eliminate classification disputes and reduce revenue uncertainty for states. They also emphasized addressing the concerns of MSMEs and incentivizing states to adopt state-level GST for additional sectors like electricity and real estate.
(With inputs from agencies.)
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- Diwali
- GST 2.0
- Evasion
- Rate Structure
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