New Delhi: GST tax rates may be mixed: Arun Jaitley. Union Finance Minister Arun Jaitley said on Thursday that he felt that there would be two tax rates of goods and services tax (GST) in the future, although he denied the possibility of only one rate of GST.
GST tax rates may be mixed: Arun Jaitley – India Virals | www.indiavirals.com
In the inaugural session of ‘India Summit 2017’ organized by the magazine ‘The Economist’, Jaitley said, “I am looking at the possibility of one of GST’s two standard tax rates in future.” The GST Council may decide to convert both the tax rates at the right time.
Although he dismissed the possibility of only one rate of tax under GST, he said that it would prove to be expensive for the customers of different categories and a tax rate would not be justified.
Jaitley said that GST was implemented very smoothly and there was no obstruction in it.
The four tax slabs (5 per cent, 12 per cent, 18 per cent and 28 per cent) are in GST applicable to the whole country. Apart from this, no tax has been levied on many important items of daily need.
Jaitley had earlier said that, in the future, some taxes can be composite. A slab can be made by mixing 12 percent and 18 percent slab. But now if we make a slab of 15 per cent, then eating and drinking things can be expensive, which is consumed by poor people.