india should have a Goods and Services Tax (GST) with only slabs of zero, 5 per cent and a standard rate with exceptions for luxury and sin goods, Union Finance Minister Arun Jaitley says.
“A future road map could well be to work towards a single standard rate instead of two standard rates of 12 per cent and 18 per cent. It could be a rate at some mid-point between the two,” Jaitley wrote in a Facebook blog post published today.
“Obviously, this will take some reasonable time when the tax will rise significantly.”
Outlining the positive impact of GST, Jaitley tore into the Congress, saying those who “oppressed India with a 31% indirect tax” and “consistently belittled” the GST should “seriously introspect”.
“Irresponsible politics and irresponsible economics is only a race to the bottom.”
