GST needs Modification
This is the statement published in the Economic Times of Shri Hasmukh Adia who was revenue Secretary.
If Input tax Credit is removed and GST rates are changed so that every person in a supply chain pays a small amount of GST and total impact on end consumer is say 12 to 15%. Thus government may get additional GST revenue of a least 50% of Rupees 4 Lakh Crores i.e. 2 Lakh Crores and total GST revenue could be Rs. 3 Lakh Crores.
Removing ITC will also simplify the filing of Returns which is very time consuming as all invoices needs to be matched. more