Business Economy 31 Aug 2017 Jaitley hints 12 per ...

Jaitley hints 12 per cent, 18 per cent GST slabs may merge in future

DECCAN CHRONICLE
Published Aug 31, 2017, 3:45 pm IST
Updated Aug 31, 2017, 3:47 pm IST
Jaitley indicated that fewer GST slabs may be possible and slabs could be reduced once the indirect tax system settles down.
Union finance minister Arun Jaitley said fewer GST slabs might be possible in future, once the GST system settles down.
 Union finance minister Arun Jaitley said fewer GST slabs might be possible in future, once the GST system settles down.

New Delhi: Finance Minister Arun Jaitley on Thursday hinted that the government may consider reducing the slabs under the Goods and Services Tax (GST) regime, once the system settles down.

According to a report in Livemint, Jaitley indicated that the 12 per cent and 18 per cent GST slabs could be integrated into one slab.

 

Speaking at the India Summit, he said “I do see a situation where, assuming tax compliance remaining high and the transition smooth, the GST Council, the first federal institution, which is sensitive to the challenges of time, can take the appropriate decision (on tax slabs) taking into account it’s impact on inflation”.

As it is improbable to tax luxury cars and items of daily consumption under the same slab, he said, the GST Council had chosen to keep 4 tax slabs. The 5 per cent, 12 per cent, 18 per cent and 28 per cent slabs were chosen keeping in mind the different income groups among consumers.

 

Jaitley’s statement comes after it was revealed on Wednesday that the government has received Rs92,283 crore as GST return from 3.9 million taxpayers.

...




ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
-->