IDBI Bank7:46 PM IST
GST rate: when will single tax rate come; sale tax Arun Jaitley
- Written by ZeeBiz WebTeam
Published: Zee Business| Updated: Zee Business
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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1/5The 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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2/5"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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3/5"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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4/5He 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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5/5The government will also look at transferring cement into a lower tax slab as the next priority, he wrote.
Image source: PTI
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