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Stating that all states are aware of the potential impact of rate rationalisation on inflation, Sitharaman said any increase in tax rates will also make up for the tax burden, which is being borne by some other activities in that value chain, , nirmala sitharaman, GST Council Meet
Inefficiencies in the taxation system creep in when inputs and final products are taxed at varying rates, leading to either tax evasion or business entities not being able to fully utilise the input tax credit fully.
Get latest articles and stories on India at LatestLY. Finance Minister Nirmala Sitharaman on Wednesday said any increase in GST rates under the rate rationalisation exercise is intended to make up for the 'inefficiencies' in the value chain. India News | Rate Tweaks to Make Up for Inefficiencies in Value Chain; States Conscious of Inflation Impact: FM.