GST slabs may be reduced to three to simplify tax system: Sanyal
Kolkata, Aug 4: Principal Economic advisor to the Finance Ministry Sanjeev Sanyal on Saturday said Goods and Services Tax (GST) slabs may be brought down to three along with the exemption category in order to further simplify the country's tax regime.
"The lower rate will be five per cent, the middle bracket of 12 and 18 per cent can be combined to a central rate of roundabout 15 per cent and we might have a top rate of 25 percent," he said.
"The central rate of 15 per cent will be applied for the bulk of goods. We are looking to have a simple tax rate with round figures and most of the goods with the same rate," he said.
Currently there are four GST slabs of 5, 12, 18 and 28 per cent, plus the exempted category which attracts zero per cent GST.
Sanyal said the centre would consider further simplifying the direct tax collection system and reduce the rates if the tax revenues continue to do well.
"As the tax system gets simplified, more and more people will be paying their taxes. The tax collection has significantly gone up since the introduction of GST and now a lot of people are paying direct taxes," he said.
So if the direct tax revenues continue to do well, the centre may further simplify the direct tax system, lower the rates and would ultimately move towards the corporate tax rate of 25 percent," said Sanyal.
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345 Indian fishermen stranded in Iran return home via Armenia
New Delhi (PTI): A group of 345 Indian fishermen, who were stranded in Iran amid escalating regional tensions, returned to India via Armenia on Saturday, officials said.
External Affairs Minister S Jaishankar thanked his Armenian counterpart Ararat Mirzoyan for assistance in return of the Indian nationals.
The Indian nationals arrived in Chennai this evening, the officials cited above said.
The circumstances that led to them being stranded in Iran were not immediately known.
"Thank FM @AraratMirzoyan and the Government of Armenia for facilitating the evacuation of Indian fishermen today from Iran, through Armenia to India," Jaishankar said on social media.
Over 1,500 Indian nationals have left Iran through land border crossings in Armenia and Azerbaijan since the start of the West Asia conflict over a month ago.
"A group of Indian fishermen, stranded in Iran, are returning home via Armenia today; their flight is expected to reach India this evening," a government statement said.
It said the Ministry of External Affairs continues to closely monitor the evolving situation in the West Asian region, with the safety, security and welfare of the Indian community being accorded the highest priority.
It also made a mention of five Indians being injured in Abu Dhabi on Friday.
According to Abu Dhabi authorities, the Indian nationals were among the 12 people injured by debris from an intercepted missile.
"In an attack in Abu Dhabi, five Indian nationals were injured; four have been discharged, one remains under treatment," the Indian government's statement said.
It said the Indian mission in Abu Dhabi is extending "full" assistance and coordinating with local authorities, adding that their flight is expected to reach India this evening.
