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Chennai/New Delhi, September 05 (HS). Union Finance Minister Nirmala Sitharaman said on Thursday that there is no conflict between the Center and the states regarding the Goods and Services Tax (GST). She said that the use of Artificial Intelligence (AI) and technology has brought more simplicity and ease of doing business with respect to Income Tax and GST.
Union Finance Minister Nirmala Sitharaman said this during a program organized under the aegis of the Revenue Bar Association in Chennai, Tamil Nadu. She ruled out any 'conflict' between the Center and the states on GST and said that the federal structure should be respected in this economic reform.
Sitharaman said that during all the consultation meetings on the Union Budget, the top priority was given to simplifying and making compliance easier for taxpayers rather than increasing revenue. In her address, she said that according to a recent survey conducted by a leading consulting agency, 84% of industry respondents have responded positively to GST.
The Finance Minister said that about 60% of consumer goods attract GST rate of 5% or less. He said that GST has brought simplification and reduction in rates. He said that less than three% of consumer goods are in the 28% bracket. Hence GST has reduced the burden on the common man.
Sitharaman said that to those who believe that inconsistent things happen in the meeting of Finance Ministers, I would like to say that there is least politics here. Every Finance Minister wanted to generate good revenue and broaden the tax base. She said that I would request the Revenue Bar Association to familiarize its members in handling technology and AI-powered applications, so that you can advise your clients about its contribution to simplification and compliance.
Apart from this, Finance Minister Sitharaman also addressed the 114th Annual General Meeting of the Southern India Chamber of Commerce and Industry (SICC) in Chennai. It is worth noting that Nirmala Sitharaman is on a two-day official tour.