New Delhi, December 24: Union Finance Minister on Monday sighed a relief for the people, hinting that the central government is mulling a single standard rate of GST, instead of two standard rates – 12 percent and 18 percent. He also gave a hint that the Union government might quash the 28 per cent slab of GST in a phased manner, except for luxury and ‘sin goods’.

Stating that the single Goods and Services Tax could be anywhere between 12 percent to 18 percent, the Union minister said, “Future roadmap could well be to work towards single standard rate instead of 2 standard rates of 12% and 18%. It could be a rate at some mid-point between the two. Obviously, this will take some reasonable time when the tax will rise significantly.” Those Who Oppressed India With 31 Per Cent Indirect Tax, Belittled GST Must ‘Seriously Introspect’: Arun Jaitley.

He also shared on his Facebook post and wrote, “It could be a rate at some mid-point between the two. Obviously, this will take some reasonable time when the tax will rise significantly.” According to the post he hinted that from the time of implementation, the standard GST would only have three slabs – zero percent, five percent and the standard rate with luxury and sin goods as an exception.

Stating his opinion on the 28 percent tax slab, the Union Minister said, “With the GST transformation completed, we are close to completing the first set of rate of rationalisation, i.e. phasing out the 28 per cent slab except in luxury and sin goods.”

The Union government has been facing criticism ever since the implementation of GST in the country. The opposition has slammed it for forceful implementation without any guidance and due to this people in the country have faced many issues.

(The above story first appeared on LatestLY on Dec 24, 2018 03:33 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).