New Delhi: Officials of the central and state governments on Friday began exploring ways to step up revenue collection from the goods and services tax (GST) which has consistently remained below target. Officials discussed ways of improving the tax system’s efficiency and compliance by taxpayers, said an official who attended the meeting. The reduction in corporate tax rate for businesses announced last month is also likely to put pressure on the central government’s fiscal position this year. This panel, however, will not propose tax rate increases. “It will only examine everything other than tax rate increase for augmenting revenue," the official cited earlier said, seeking anonymity.

Source: Mint October 11, 2019 18:00 UTC