Scope for reducing GST slabs: Jaitley

Source: The Hitavada      Date: 02 Oct 2017 09:01:36


 

FARIDABAD,

FINANCE Minister Arun Jaitley on Sunday hinted that there is scope for lesser slabs under the Goods and Services Tax (GST) once there is revenue buoyancy.


“We are in first 2-3 months (of GST implementation). We have almost by the day, space and scope for improvement. We have space for improvement and need for improvement to reduce compliance burden as far as small taxpayers are concerned,” he said.

“We have space for improvement, eventually once we become revenue neutral, to think in terms of bigger reforms such as lesser slabs, but for that we have to become revenue neutral...,” he said at an event organised here by National Academy of Customs, Indirect Taxes and Narcotics (NACIN). Currently, the GST regime slots items under rates of 5, 12, 18 and 28 per cent. An additional GST compensation cess is also levied on certain products.