GST Council likely to remove more items from 28% slab: Jaitley | Current Affairs, Current Affairs 2017

GST Council likely to remove more items from 28% slab: Jaitley

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Finance Minister ArunJaitley today hinted at bringing down the number of products in 28% GST slab. The Finance Minister said that some of the items should never have been in the 28 per cent slab.
“We have been gradually bringing them down. The whole idea is, as your revenue collections neutralise we must prune it and that is the pattern in which the Council has so far been functioning. I see that as a future guide as far as the Council is concerned,” Jaitley said. The GST Council in the last 3-4 meetings has slashed rates on over 100 items.
The Finance Minister’s hint came a day after reports emerged that the GST Council may consider lowering the taxes on some of the products placed in higher tax category. The Council is scheduled to meet on November 10.
According to the reports, the government may slash taxes on certain common use items such as handmade furniture, plastic products and daily use items like shampoo.
The GST Council has readjusted rates for many items since the implementation the new tax regime and further changes are anticipated.
“A rationalisation of items in the 28 per cent tax bracket is expected. Most of the daily use items could be lowered to 18 per cent. Also tax rate on items like furniture, electric switches, plastic pipes could be relooked.”

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