New Delhi: Three tax slabs are enough in GST. The central government is preparing to work on GST, the unified tax system in the country. The central government envisages a minimum slab that includes products used by the common man, a high one that includes luxury goods and another slab in between Central Board of Indirect Taxes and Customs Chairman Sanjay Kumar Agarwal informed this on Thursday.
The industrial world should revise the GST rates for a long time. Currently there are four tax slabs in GST. The slabs are for taxation at 5, 12, 18 and 28 percent. Agarwal added that there will be a discussion regarding this in the GST Council meeting to be held at the end of August.
A team headed by Bihar Deputy Chief Minister Samrat Choudhary is conducting a study on reforming the tax structure. Earlier during the budget, Finance Minister Nirmala Sitharaman said that the central government will change the import duty. The finance minister said that the duty will be revised in the next six months to make trade easier. Following this, the central government is preparing for changes in GST as well.
