Single GST Rate To Come Up Soon, 28% Slab To Slowly Phase Out

ECONOMY

Outlining the future roadmap of Goods and Service Tax, Finance Minister Arun Jaitley said that the country is moving towards a single standard rate instead of the current 12 per cent and 18 per cent tax slab.

In a Facebook post titled ‘Eighteen Months of GST’, Jaitley said 28 per cent tax slab would soon phase out except for luxury or sin goods and that the standard rate could be a mid-point between 12 and 18 per cent.

Adding that the standard single rate would take some time to implement, Jaitley wrote, “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.”