April 14, 2024 16:46 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
'What else is Congress doing other than looting?': Kangana Ranaut in Himachal Pradesh | Iran could attack Israel sooner than later, warns US President Joe Biden | Amid unemployment, inflation issues, PM Modi's leadership likely to help his third consecutive term at govt: Survey | AAP to support INDIA bloc 'unconditionally' in UP for Lok Sabha election | Amid threats from Iran, Israel launches massive strike on Gaza
GST may have single standard rate between 12-18 percent: Jaitley

GST may have single standard rate between 12-18 percent: Jaitley

India Blooms News Service | @indiablooms | 24 Dec 2018, 12:30 pm

New Delhi, Dec 24 (IBNS): Union Finance Minister Arun Jaitley on Monday said his government is working towards developing a single national sales tax rate.

He said the rate can be between 12 and 18 per cent.

"With the GST transformation completed, we are close to completing the first set of rate of rationalisation i.e. phasing out the 28% slab except in luxury and sin goods," Jaitley said in a Facebook post.

"A future road map could well be to work towards a single standard rate instead of two standard rates of 12% and 18%," he said.

" It could be a rate at some mid-point between the two. Obviously, this will take some reasonable time when the tax will rise significantly. The country should eventually have a GST which will have only slabs of zero, 5% and standard rate with luxury and sin goods as an exception," he said.

In a bid to appeal the middle class and businessmen and with an eye kept on the Lok Sabha polls next year, the Indian government on Saturday slashed Goods and Services Tax rates on several products.

The GST Council's 28th meeting was held here under the Chairmanship of Piyush Goyal , Union Minister for Railways , Coal , Finance & Corporate Affairs, where a decision was taken to lower the tax slab on products such as paints, leather goods, bamboo flooring, stoves, televisions and washing machines from the highest rate of 28 percent to 18 percent.

The government also announced an exemption of sanitary napkins, rakhi from the GST, an attempt made by Prime Minister Narendra Modi-led government before the 2019 general elections when it will seek its second term to power.

Sanitary napkins were earlier taxed at 12%.

The new tax rates will be applicable from July 27.


Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.