Finance minister Arun Jaitley said the GST Council could consider merging the current slabs of 12% and 18% into one rate. Singh committee on creating a fiscal council, Jaitley said this needs to be further debated as to whether more power should be vested in non-elected institutions. Going ahead, we will rationalize it further to probably tax only luxury items at 28%,” Jaitley said. You have 5%, then this ‘X’ rate after merging 12% and 18% and then the very thin slab of 28%. Besides, cess is levied on some sin and luxury goods over and above the tax rate of 28%.

Source: Mint November 30, 2017 07:52 UTC