Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
CO-PRESENTED BY
LIVE TV DownloadNews18 App
News18 English
272
nda:
Needmore seats to Win
Needmore seats to Win
upa:
»
2-min read

'28% a Dying Slab': Arun Jaitley Hints at Lower Taxes, Says Single GST Rate in the Works

Arun Jaitley said the country should look towards having slabs of zero, five percent and a standard rate for luxury and sin goods like alcohol and cigarettes.

Reuters

Updated:December 24, 2018, 3:18 PM IST
facebookTwittergoogleskypewhatsapp
'28% a Dying Slab': Arun Jaitley Hints at Lower Taxes, Says Single GST Rate in the Works
File photo of Finance Minister Arun Jaitley.
Loading...
Mumbai: India is working towards a single national sales tax rate which could be a mid-point between 12 and 18 percent, Finance Minister Arun Jaitley said on Monday, in an effort to simplify the tax structure.

The government set the range for the Goods and Service Tax from 28 percent to 5 percent on most items when the signature reform was introduced last year.

"Multiple slabs were fixed transiently in order to ensure the tax of no commodity goes up radically. This contained the inflation impact," Jaitley wrote in his blog. The 28% slab is now a dying slab, he said.

"A future road map could well be to work towards a single standard rate instead of two standard rates of 12 percent and 18 percent. It could be a rate at some mid-point between the two."



Jaitley's statement comes in the backdrop of the Centre reducing tax rates on 23 goods and services, including movie tickets, TV and monitor screens and power banks, and exempted frozen and preserved vegetables on Saturday. The reduced rates are likely to come into effect from January 1, 2019, Jaitley had said.

Congress leader Abhishek Manu Singhvi asked if losing in state elections had caused the Modi government to change its stand on single slab GST. Rahul Gandhi, the party president, said the prime minister had been jolted from his slumber.

Jaitley also said the country should look towards having slabs of zero, five percent and a standard rate for luxury and sin goods (alcohol, drugs, cigarettes, etc.).

The move is being viewed in political circles as an attempt to woo the middle class months ahead of 2019 Lok Sabha elections.
The government will also look at transferring cement into a lower tax slab as the next priority, he wrote.

In a veiled attack on the opposition which has criticised the patchy implementation of the GST, Jaitley said that the single tax system has greatly reduced the plethora of taxes that an entrepreneur had to deal with. Instead of filing 17 returns and dealing with 17 inspectors, GST has brought all the taxes under one roof.
(Get detailed and live results of each and every seat in the Lok Sabha elections and state Assembly elections in Andhra Pradesh, Odisha, Arunachal Pradesh and Sikkim to know which candidate/party is leading or trailing and to know who has won and who has lost and by what margin. Our one-of-its-kind Election Analytics Centre lets you don a psephologist’s hat and turn into an election expert. Know interesting facts and trivia about the elections and see our informative graphics. Elections = News18)
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
 
 
Most Active
Company Price Change %Gain
ICICI Bank 431.75 5.09
Reliance 1,336.85 0.22
SBI 355.35 3.84
IndusInd Bank 1,648.90 3.14
Larsen 1,544.15 4.61
Company Price Change %Gain
GRUH Finance 313.30 -4.42
Reliance 1,336.80 0.07
Larsen 1,543.65 4.60
SpiceJet 141.55 9.64
SBI 354.60 3.59
Top Gainers
Company Price Change %Gain
ICICI Bank 431.75 5.09
Larsen 1,544.15 4.61
Zee Entertain 376.85 4.55
JSW Steel 288.00 4.37
Bharti Airtel 353.20 4.25
Company Price Change %Gain
ICICI Bank 431.50 5.09
Larsen 1,543.65 4.60
Bharti Airtel 353.30 4.40
Vedanta 163.85 4.20
Tata Motors 182.15 4.09
Top Losers
Company Price Change %Gain
Tech Mahindra 735.85 -1.00
NTPC 129.15 -0.54
TCS 2,048.00 -0.29
HUL 1,749.60 -0.24
HCL Tech 1,065.95 -0.04
Company Price Change %Gain
NTPC 129.20 -0.54
HCL Tech 1,061.65 -0.46
TCS 2,049.65 -0.20
HUL 1,749.20 -0.10

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results