Right time to expand GST coverage to all sectors; converge tax slabs: India Inc

India Inc said Friday the time is right for the GST Council to expand the coverage of the indirect tax regime to all sectors and converge tax slabs.

Petroleum products, electricity, and alcohol for human consumption are some items currently outside the ambit of the Goods and Services Tax (GST).

With the related institutional systems now in place, the time is right for the GST Council to consider further improvement in GST such as coverage of all sectors and convergence of tax slabs", CII Director General Chandrajit Banerjee said.

The all-powerful GST Council Friday extended the tenure of the anti-profiteering authority by two years and approved imposing a penalty of up to 10 per cent on entities not passing on benefits of GST rate cuts to consumers.

The council also decided to allow the use of Aadhaar by businesses to register with GST-Network. Also, it extended the date for filing annual returns under the Goods and Services Tax (GST) regime by two months to August 30 while the ...