India not interested in high sales tax rate: finance minister
[NEW DELHI] India's federal and state governments are not interested in imposing higher goods and services tax (GST) rates that could hurt people, Finance Minister Arun Jaitley told lawmakers in the lower house of parliament on Wednesday.
The proposed GST would harmonise a mosaic of state and central levies into a national sales tax which business and policy makers hope would boost manufacturing and reduce corruption.
A government think-tank proposed the GST rate be set at 27 per cent, well above the global average of 16.4 per cent for similar taxes.
Mr Jaitley said the proposed rate would be too high and needs to be "much more diluted".
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Israel concerned over possible ICC arrest warrants related to Gaza war
China’s top airlines improve balance sheet in Q1; outlook positive for May Day
G7 reaches deal to exit from coal by 2035
US, Britain urge Hamas to accept Israeli truce proposal
Saudi Arabia says economic revamp momentum intact as plans shift
German inflation creeps up to 2.4% in April