Faridabad: Finance Minister Arun Jaitley on Sunday once again hinted that there is scope for lesser slabs under the Goods and Services Tax (GST) once there is revenue neutrality.
Earlier the Finance Minister had also hinted that there may be scope for rationalisation of rates in future. "We have almost by the day, space and scope for improvement. We have space for improvement and need for improvement to reduce compliance burden as far as small taxpayers are concerned," he said at an event here.
"We have space for improvement, eventually once we become revenue neutral, to think in terms of bigger reforms such as lesser slabs, but for that we have to become revenue neutral...," he added.
As of now, GST has four slabs, with rates ranging from 0 to 28 per cent. Jaitley had earlier said that as it is improbable to tax luxury cars and items of daily consumption under the same slab, the GST Council had chosen to keep 4 tax slabs.
Addressing the Valedictory Address at National Academy of Customs Excise and Narcotics (NACIN) Founding Day and Passing-out Ceremony of the 67th Batch of Indian Revenue Services (IRS) officers (C and CE), Jaitley also said that people who demand development of the nation need to pay what is required of them. He added that this money needs to be 'spent honestly'.
