Friday, Mar 29, 2024 | Last Update : 05:30 PM IST

  Business   Economy  01 Oct 2017  Arun Jaitley hints at lesser GST slabs in future

Arun Jaitley hints at lesser GST slabs in future

THE ASIAN AGE.
Published : Oct 1, 2017, 1:33 pm IST
Updated : Oct 2, 2017, 4:40 am IST

The Finance Minister there is space for improvement, eventually once the economy becomes revenue neutral.

Finance Minister Arun Jaitley on Sunday once again hinted that there is scope for lesser slabs under the Goods and Services Tax. Photo: PTI
 Finance Minister Arun Jaitley on Sunday once again hinted that there is scope for lesser slabs under the Goods and Services Tax. Photo: PTI

Faridabad: Finance Minister Arun Jaitley on Sunday once again hinted that there is scope for lesser slabs under the Goods and Services Tax (GST) once there is revenue neutrality.

Earlier the Finance Minister had also hinted that there may be scope for rationalisation of rates in future. "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 at an event here.

"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 added.

As of now, GST has four slabs, with rates ranging from 0 to 28 per cent. Jaitley had earlier said that as it is improbable to tax luxury cars and items of daily consumption under the same slab, the GST Council had chosen to keep 4 tax slabs. 

Addressing the Valedictory Address at National Academy of Customs Excise and Narcotics (NACIN) Founding Day and Passing-out Ceremony of the 67th Batch of Indian Revenue Services (IRS) officers (C and CE), Jaitley also said that people who demand development of the nation need to pay what is required of them. He added that this money needs to be 'spent honestly'.

Tags: finance minister arun jaitley, gst slabs, goods & services tax
Location: India, Maharashtra, Mumbai (Bombay)