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GST rate: when will single tax rate come; sale tax Arun Jaitley

ZeeBiz WebTeam | Dec 24, 2018, 05:12 PM IST

India is working towards a single national sales tax rate which could be a mid-point between 12 and 18 percent, Finance Minister Arun Jaitley said on Monday, in an effort to simplify the tax structure.

 

 

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The government set the range for the Goods and Service Tax from 28 percent to 5 percent on most items when the signature reform was introduced last year.

Image source: PTI

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"Multiple slabs were fixed transiently in order to ensure the tax of no commodity goes up radically. This contained the inflation impact," Jaitley wrote in his blog.

Image source: Reuters

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

Image source: PTI

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He also said the country should look towards having slabs of zero, five percent and a standard rate for luxury and sin goods (alcohol, drugs, cigarettes, etc.).

Image source: Reuters

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The government will also look at transferring cement into a lower tax slab as the next priority, he wrote.

Image source: PTI