Finance Minister Arun Jaitley Monday hinted at further rationalisation of GST by merging the 12 and 18 per cent slabs, while criticising Congress for oppressing the country with a high indirect tax rate of 31 per cent. With an increase in revenue, India will eventually have a standard goods and services tax (GST) rate between 12-18 per cent for commonly used goods. This would be in addition to 0 per cent and 5 per cent for essential items and a higher rate for luxury, sin and demerit goods.
Finance Minister Piyush Goyal has exuded confidence that GST revenues will go up in the coming months on improved compliance and market demand. Continue Reading