Finance Minister Arun Jaitley on Monday indicated that the nation may in the end have a solitary standard rate of GST including that the 28 percent chunk will before long be eliminated, aside from on extravagance and “sin merchandise”.
He noticed that the standard rate could be between the 12 and 18 percent.
“A future guide could well be to move in the direction of a solitary standard rate rather than two standard rates of 12 percent and 18 percent.
“It could be a rate at some mid-point between the two. Clearly, this will take some sensible time when the assessment will rise fundamentally,” Jaitley said on a Facebook post.
The nation ought to in the long run have a GST which would have just sections of zero, five percent and standard rate with extravagance and sin products as an exemption, he included.
As to most astounding duty section of 28 percent, the Minister stated: “With the GST change finished, we are near finishing the main arrangement of rate of justification i.e. eliminating the 28 percent section aside from in extravagance and sin merchandise.”