Future GST Roadmap To Be To Work Towards A Single Rate: Finance Minister Arun Jaitley said that there will be 0., 5 and standard rate tax slab of GST in the country. He also targeted the Congress in the first round of 31 percent high tax.
Future GST Roadmap To Be To Work Towards A Single Rate
HIGHLIGHTS
- Finance Minister Arun Jaitley, the GST success stories, written in the blog titled ‘18 months of GST’.
- Jaitley wrote that between 12 and 18 a new standard tax slab can be made in future
- The Finance Minister also targeted Congress for a higher tax of 31 percent in the earlier period of GST
- Jaitley wrote that the next priority of the of the government is to reduce the tax on cement.
Future GST Roadmap To Be To Work Towards A Single Rate Between 12%, 18%, Finance Minister Arun Jaitley has counted the successes of Goods and Services Tax (GST), saying that in future, a new standard tax slab be made in place of 12 and 18 percent, which will be between the two. Describing the expectations of luxury and sin products, he said that there will be 0, 5 and standard rate tax slab of GST, he also targeted the oppositions for a higher tax of 31 percent and responded to the criticisms.
In a blog written on Facebook, Jaitley said that 28 items, excluding tobacco, luxury vehicles, AC, soda water, big TVs, and Dishwasher, were removed from 28 percent tax slab and 18 percent and 12 percent were put in the tax slab. Cement and auto parts used in the common man have survived only 28 percent in the tax slab. He said, ‘our next priority is to reduce the tax on cement. All other partnership material has already been transferred from 28 to 18 or 12.’
The Finance Minister has said that tax on 183 items is zero. 308 items group costs 5 per tax, 178 per 12 tax, while on 517 items there are 18 per tax slab. The 28 percent tax slab is now over.
Before GST ‘was the world’s worst system’
The finance minister targeted the opposition over the criticism of GST and said India’s indirect tax system was the worst in the world. The Central and State Governments had the right to collect the levy. 17 taxes were levied. An entrepreneur had to face 17 inspectors. 17 returns and 17 assessments were made. Tax rates were very high. The standard rate of VAT and excise was 14.5 and 12.5 percent. Thus, tax on most items was 31 percent.
GST effect
The Finance Minister has written that the situation changed rapidly as GST was implemented. All 17 Taxes became The whole country became a market. Barriers existed between the states ended. The entrance opens in cities and entry tax is over. In the states, the entertainment fee was being charged from 35 to 110 percent, it became very less. 235 items were taxed 31 percent or more. Except for 10 items, all 28 percent tax was deposited in the tax slab and 10 items were also deposited below 18 percent tax slab. Many tax slabs were kept to ensure that taxes on any item were not increased rapidly. It has kept the inflation rate in check. He also said that most of the use of common man has been kept in the tax slab of 0 or 5 percent.
