Tuesday, 14 March 2017

Taxes under GST 'to increase a bit', says CBEC Chairman

While the effective rate of indirect taxes under the new Goods and Services Tax (GST) regime still remains unclear, as fitment in tax slabs is under way, the Central Board of Excise and Customs (CBEC) has said that taxes were likely to "increase a bit" from the current level. "That is our belief (that the current level of taxation will not lessen at least for first five years). It will be the same, that's our belief, and it will increase a bit," CBEC Chairman Najib Shah told IANS in an interview here.

Shah said that the fitment of goods and services in the four tax slabs -- 5 per cent, 12 per cent, 18 per cent and 28 per cent is a work in progress.

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