"The sun is setting on the 28% slab", says Arun Jaitley
Arun Jaitley hints that India could go in for a single standard GST rate in futureAuthor : Sunaina
"A future road map could well be worked towards a single standard rate instead of two standard rates of 12% and 18%. It could be a rate at some mid-point between the two," Jaitley said. He further said that such a scenario could only be implemented if the revenue from GST collection rises significantly."The country should eventually have a GST which will only have slabs of zero, 5% and standard rate with luxury and sin
goods as an exception", wrote Jaitley.
In a blog post, Jaitley said,"Today, barring tobacco products, luxury vehicles, molasses, air-conditioners, aerated water, large TVs, and dish washers, all 28 items have been transferred from 28% slab to 18% and 12% slab. Only cement and auto parts are items of common use which remain in 28% slab. Our next priority will be to transfer cement into a lower slab. All other building materials have already been transferred from 28% to 18% and 12%. The sun is setting on the 28% slab," he said.
"The GST collection in the first six months of this year has shown a significant improvement as compared to the first year. The average monthly tax collected in the first year was Rs.89700 crore as compared to Rs.97100 crore per month in the second year", informed Jaitley.