(PTI)
Government think-tank Niti Aayog member Ramesh Chand on Wednesday made a case for only two slabs under the goods and service tax regime as against the multiple slabs currently, and said rates should be revised annually if required.
The goods and services tax (GST), which replaced almost all the indirect taxes, came into force from July 1, 2017, and the rates on goods and services have been revised several times since then. Currently, there are four GST rate slabs — 5 per cent, 12, per cent, 18 per cent and 28 per cent. Several items fall in exempt category or nil duty. Besides, cess is also levied on five goods.
Talking to PTI, Chand said that when a large taxation reforms like GST are brought in, there are always “teething problems” but soon they stabilise. He said most of the countries took long time for GST stabilisation.
