Finance minister Arun Jaitley on Monday signalled further cuts in the Goods and Services Tax (GST) rates and appealed to businesses to pass on the benefit of the recent reductions to consumers. “The tax rate rationalisation process will always continue. The minister urged the industry to pass on benefit of the tax rate cuts to consumers. “Those who are speaking of a single rate GST, have no understanding of the tariff structure. Tax rate on food items have to be nil, while items used by common man should be at the lowest rate of 5%.
Source: Hindustan Times November 13, 2017 18:22 UTC