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13 November 2017
 |
| Finance Minister (The Total Investment & Insurance Solutions) |
It is
juvenile politics to link GST rate rationalisation with elections or political
demand, Finance Minister Arun Jaitley said on Monday.
He further ruled out single tax rate of GST,
saying those seeking single rate have no understanding of tariff structure. The Total Investment & Insurance
Solutions
Finance Minister also said that there is
scope for further rationalisation of GST rates. Revenue
buoyancy will decide the course of rationalisation, he added. The Total Investment & Insurance
Solutions
In the biggest GST rejig yet, tax rates on
over 200 items, ranging from chewing gum to chocolates, to beauty products,
wigs and wrist watches, were on Friday cut to provide relief to consumers and
businesses amid economic slowdown.
As many as 178 items of daily use were
shifted from the top tax bracket of 28 percent to 18 percent, while a uniform 5
percent tax was prescribed for all restaurants, both air- conditioned and
non-AC, Finance Minister Arun Jaitley said after the GST Council meeting. The Total Investment & Insurance
Solutions
The all-powerful GST Council pruned the list
of items in the top 28 percent Goods and Services Tax (GST) slab to just 50
from current 228. So, only luxury and sins goods are now only in highest tax
bracket and items of daily use are shifted to 18 percent.The Total Investment & Insurance
Solutions
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