Union Finance Minister Arun Jaitley along with MoS for Finance Shiv Pratap Shukla and Finance Secretary Hasmukh Adhia (L) at the 23rd GST Council Meeting, in Guwahati on Friday. The all-powerful council pruned the list of items attracting the top 28 per cent tax rate to just 50 from 227 previously, Modi told reporters here. The Goods & Services Tax, implemented from July 1, has five tax slabs of 0 per cent, 5 per cent, 12 per cent, 18 per cent and 28 per cent. Paints and cement have been retained in the 28 per cent tax bracket, he said. ”There is consensus that slowly 28 per cent slab should be brought to 18 per cent.

Source: The Telegraph November 10, 2017 09:45 UTC