Finance Ministry hints low tax slabs in future

Faridabad: Under the Goods and Services Tax (GST), traders suffering from excess tax may get some relief soon. Union Finance Minister Arun Jaitley has indicated that after increasing the revenue, goods and services can be slashed under the GST. On Sunday, the Finance Minister gave a statement about this during a program in Faridabad, Haryana.

The Finance Minister said that we have the scope to improve it by day. There is scope for improvement on us and burden of compliance can be reduced. Especially in the case of small taxpayers. They said we have the scope for improvement. Once we become neutral in terms of revenue, we will think of major reforms. For example, a low slab But for this, we have to achieve a neutral position in terms of revenue.

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At present, there are different tax slabs of GST, many essential items of everyday use are excluded from the tax, after that there are tax slabs at the rate of 5,12,18 and 28 percent, 3 percent on gold and its jewellery Tax is charged at the rate of On Saturday, the 3 months of implementation of Goods and Services Tax in the country have been completed. From July 1, GST was implemented throughout the country.

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