Arun Jaitley indicates clubbing of 12% and 18% tax slabs under GST

NEW DELHI: In Lok Sabha on Wednesday, Finance Minister Arun Jaitley indicated that there could be a scope for rationalization of GST and said that 12 per cent and 18 per cent slabs might get rolled into one. On Wednesday, a debate was going on the Central Goods and Services Tax (Extension to Jammu and Kashmir) Bill, 2017 and the Integrated Goods and Services Tax (Extension to Jammu and Kashmir) Bill, 2017. The indication of rationalization came while finance minister was replying to this debate. Jaitley in reply to the debate on the two bills related to GST in Jammu and Kashmir said that as the GST moves forward there will be a scope for rationalizing the rates. It is possible that the two standard rates of 12 per cent and 18 per cent might get clubbed into one after some time. He further added that he was under pressure to change the GST network as people said it was faulty. But as per him the structure of GST is correct. The current tax slabs under GST includes 5 per cent, 12 per cent, 18 per cent and 28 per cent.