New Delhi
\nGoing forward, as tax revenues significantly increase, India will have GST slabs of 0 per cent, 5 per cent and a standard rate between 12-18 per cent for commonly-used items, Finance Minister Arun Jaitley said on Monday.<\/p>\n
In a Facebook post titled \u2018Eighteen Months of GST\u2019, Jaitley said, of the 1,216 commodities which are used, broadly 183 are taxed at zero rate, 308 at 5 per cent, 178 at 12 per cent and 517 at 18 per cent.<\/p>\n
\u201cThe 28 per cent slab is now a dying slab,\u201d he said. Currently 28 items, including luxury and sin goods, auto parts, dishwashers, AC and cement remain in the highest slab of 28 per cent.<\/p>\n
\u201cWith the goods and services tax transformation completed, we are close to completing the first set of rates of rationalisation i.e. phasing out the 28 per cent slab except in luxury and sin goods,\u201d he said.<\/p>\n
\u201cIt could be a rate at some mid-point between the two. Obviously, this will take some reasonable time when the tax will rise significantly. The country should eventually have a GST which will have only slabs of zero, 5 per cent and standard rate with luxury and sin goods as an exception,\u201d Jaitley said.<\/p>\n
Stating that only cement and auto parts are items of common use which remain in 28 per cent slab, Jaitley said the next priority will be to transfer cement into a lower slab.<\/p>\n
\u201cAll other building materials have already been transferred from 28 per cent to 18 per cent and 12 per cent. The sun is setting on the 28 per cent slab,\u201d he added.The GST Council in its last meeting on Saturday cut rates on 23 items, thereby trimming the 28 per cent slab.Jaitley said the standard rate pre-GST rollout was 31 per cent on a large number of commodities.<\/p>\n","protected":false},"excerpt":{"rendered":"
New Delhi Going forward, as tax revenues significantly increase, India will have GST slabs of 0 per cent, 5 per cent and a standard rate between 12-18 per cent for commonly-used items, Finance Minister Arun Jaitley said on Monday. In a Facebook post titled \u2018Eighteen Months of GST\u2019, Jaitley said, of the 1,216 commodities which […]<\/p>\n","protected":false},"author":1,"featured_media":50980,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[410],"tags":[],"class_list":["post-50979","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/50979","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=50979"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/50979\/revisions"}],"predecessor-version":[{"id":50981,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/50979\/revisions\/50981"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/50980"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=50979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=50979"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=50979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}