Thiruvananthapuram

33°C

Partly cloudy

Enter word or phrase

Look for articles in

Last Updated Wednesday April 25 2018 06:08 PM IST

Jaitley says GST slabs may be reduced, but on one condition

Text Size
Your form is submitted successfully.

Recipient's Mail:*

( For more than one recipient, type addresses seperated by comma )

Your Name:*

Your E-mail ID:*

Your Comment:

Enter the letters from image :

Arun Jaitley Arun Jaitley. PTI

New Delhi: Finance minister Arun Jaitley on Sunday said Goods and Services Tax (GST) slabs may be reduced in the future if a "revenue neutral plus" tax level is reached.

Jaitley made the remark at the "Foundation Day" event of the National Academy of Customs, Indirect Taxes and Narcotics (NACIN).

The minister said reduction in tax slabs under the current GST regime can happen but only after the regime reaches a "revenue neutral plus" level.

Since July 1, GST has replaced around a dozen central and state taxes into a single national tax.

At present, there are four tax slabs of 5, 12, 18 and 28 percent, plus a levy on cesses on luxury items like cars, aerated drinks and tobacco products to compensate states for any revenue losses in the first five years.

An overwhelming 81 percent of items under the GST regime attract tax of 18 percent or below and only about 19 percent of items are taxed at the highest rate of 28 percent.

Read more: Business | Nation

The opinions expressed here do not reflect those of Malayala Manorama. Legal action under the IT Act will be taken against those making derogatory and obscene statements.

Email ID:

User Name:

User Name:

News Letter News Alert
News Letter News Alert