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Jaitley indicates merger of 12 per cent, 18 per cent GST slabs

  •   Thu, Nov 30 2017 05:32:22 PM

New Delhi, Nov 30 (PTI): Finance Minister Arun Jaitley on Thursday said achieving a 10 per cent GDP growth rate is challenging and will depend on how the world is moving.

Speaking at the HT Leadership Summit here, he said India has done well by growing at 7-8 per cent during the last three years. To scale to 10 per cent rate is "very challenging" and it will not depend on domestic factors only but on how the world is moving, he said.

On reforms, he said India has structurally reformed and there is no finishing line in reforms. Jaitley said the Goods and Services Tax (GST) started with different tax rates and they have rationalised rates on many items.

Going forward, future rationalisation of rates would depend on revenue collections, he said, indicating the merger of 12 per cent and 18 per cent rates into one while keeping a "thin" line of luxury and demerit items in the top 28 per cent band.

Currently, the GST has four rates of 5 per cent, 12 per cent, 18 per cent and 28 per cent. The finance minister said a cogent GST mechanism has been developed and no country in the world has 5 per cent tax rate.
  

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Comment on this article

  • Valerian Dsouza, Udupi/Mumbai

    Thu, Nov 30 2017

    In present model GST will not benefit the Industry nor the Govt.
    To make GST successful, Govt should make it as simple as possible.
    Rates should be re-structured to 0, 5%, 10% 15% & Max 20% on sin goods.
    According to turnover, Sales-Purchase-with tax payment/ return filing should be, monthly, bi-monthly, quarterly, half yearly and yearly.
    One Consolidated Return from head office, with state-wise turnover sheets.
    One payment Challan, with provision to contain state-wise GST.
    Scrutiny rights be given to states, for there is parity of GST between states and Centre.
    Centre has right for Income Tax scrutiny anyways.
    Reconciliation of purchase and sales - annually for all categories should be mandated from next financial year.

    DisAgree Agree [3] Reply Report Abuse

  • Joe Britto, Nakre/Bangalore

    Thu, Nov 30 2017

    Finance Minster Running the Country on Trail Basis.

    Ist Term Utter Failure and Now on Probation !!

    DisAgree [4] Agree [13] Reply Report Abuse

  • mahesh, Mangalore

    Fri, Dec 01 2017

    You just missed the news that the GDP has increased and turnaround is started.

    DisAgree [4] Agree Reply Report Abuse

  • Mas, Kundapur/dubai

    Thu, Nov 30 2017

    Pls make flat 5% on all the items but 100% on tobacco,alcohol and corbonated drinks

    DisAgree [8] Agree [7] Reply Report Abuse

  • sri_elder, Karkala

    Thu, Nov 30 2017

    5% is very low...
    Make it 7.5%
    Our country will benefit...
    In the interest of our nation..

    DisAgree [11] Agree [4] Reply Report Abuse

  • geoffrey, hat hill

    Thu, Nov 30 2017

    Jaitely 'rationalization' (good, he finally agrees it was irrational so far) of GST only indicates merging of 12 and 18% slabs. What will be the resultant slab? 12 or 18%?. Going by the jumlas of this government so far, it wouldn't be a surprise if it turns out to be 18%.
    Jaitely also says no country has 5% slab forgetting conveniently that no country has 28% either!

    DisAgree [1] Agree [7] Reply Report Abuse

  • Af,,, Mangalore

    Thu, Nov 30 2017

    Jaitly is only fit for film director and editor post,

    DisAgree [5] Agree [17] Reply Report Abuse

  • j.anata, Mangaluru / Bengaluru

    Thu, Nov 30 2017

    India is a complex country. GST impact will continue for some more time, until then Jaitley & Co should be heeding to trade & economy requirements to tweak the tax slabs. We will take time to evolve as a perfect Taxation state.

    DisAgree [10] Agree [5] Reply Report Abuse

  • Sampath, India

    Thu, Nov 30 2017

    You can try for finance ministry post in Rahul's 2019 winning team...

    DisAgree [12] Agree [3] Reply Report Abuse

  • Jenifer, Mangalore

    Thu, Nov 30 2017

    Sampath,

    Whom did BJP give Education Ministry ? To a lady who does not have proper education records. So, stick to your political traditions, Congress has given many able Finance Ministers of who one even went on to be a President and lived up to the dignity of the position.

    Congress will work wisely than overnight banning the currency and then trapping those who surrendered the money. Imagine how betrayed those who trusted BJP and deposited the cash must be feeling - today they may be thinking that they should have rather burned the demonetized currency.

    DisAgree [3] Agree [12] Reply Report Abuse

  • Rathan, Mangalore

    Thu, Nov 30 2017

    Jenifer
    Who will burn his currency if it is his own hard earned money ? If you can
    prove that money deposited in Ur account is your own money nothing to worry
    From next year you will get more interest as that cash was idle in Ur house

    DisAgree [1] Agree Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Thu, Nov 30 2017

    BJP has already started implementing my Policies ...

    DisAgree Agree [2] Reply Report Abuse

  • Jenifer, Mangalore

    Thu, Nov 30 2017

    Trial & Error is run at home before coming public with a scheme. When you are arrogantly confident about your creation, you don't care about Trial & Error. This exactly has happened about BJPs policies - may it be demonetization, GST, Cow-slaughter ban or whatever.

    Blaming the world economy for foolish decisions you have taken and making the world market a reason for crippled growth rate is not too sensible of you.

    DisAgree [3] Agree [19] Reply Report Abuse

  • Dev, Mangalore

    Thu, Nov 30 2017

    Yes, it has become "Snake & Ladder" Game for Jaitley & suffering for Traders & common man.
    If he really wanted to implement a proper GST, then he could have sent a team or gone to those countries who have the same from 15 years or so. But he chose to kill the golden egg laying hen to get all the eggs at a go despite Congress asking him to limit it to 18%.
    When Gujarath was slipping from their grip suddenly Jaitley was forced to scale it down & now he wants to reduce it further as the anger of people hasn't subsided.
    He is insensitive to the representation of women who had requested him to reduce the tax on sanitary napkins, he stubbornly refused to do so, this shows how they care about women empowerment.

    DisAgree Agree [9] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Thu, Nov 30 2017

    Jaitley should have consulted me first to avoid all this Embarrassment ...

    DisAgree [6] Agree [19] Reply Report Abuse

  • Anirudh P, Bengaluru

    Thu, Nov 30 2017

    Jossey Saldanha, Mumbai

    Thank God, Jaitley did not made a mistake of asking you.

    Indian economy has bounced back. Q2 GDP raises to 6.3%.

    Going forward Indians will start to ignore Pappu and chalis chors !!!

    Jai Hind

    DisAgree [21] Agree [9] Reply Report Abuse

  • abdul samad, mangalore

    Thu, Nov 30 2017

    Anirudh P, Bengaluru indian economy has bounced back from BJP IT CEL LOL

    DisAgree [2] Agree [5] Reply Report Abuse

  • Orton Cordeiro, Mangalore

    Thu, Nov 30 2017

    What you were waiting for?
    Bullet Train to Delhi from Mumbai?
    You should have reach delhi to meet Jointly

    DisAgree Agree [5] Reply Report Abuse


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