If everything goes according to plan, Modi government could give great relief to the people by eliminating 18 percent slab of GST in the coming days. On Monday, Finance Minister Arun Jaitley has given a hint by writing a Facebook blog. He wrote in the blog that there will be 0, 5% and standard rate tax slab of GST in the country. He said that in the coming time 28 percent tax slabs will not exist.
What is written in the post
In a blog titled “18 Months of GST”, the Finance Minister said, “As a roadmap of the future, instead of two standard rates of 12% and 18%, one can work towards implementing a single standard rate. The new rate will be between both 12 percent and 18 percent. During this, he also targeted the Congress and said that ‘those who exploited India with 31% tax slabs and have constantly ignored GST, should seriously examine themselves.’
Tax on cement will be reduced
Jaitley also indicated that in the coming days, cement would be excluded from 28 percent slab of GST. He said that now the cement and auto parts used by the common man have been kept in the 28% tax slab. Our next priority is to reduce tax on cement. All other building materials have already been out of 28 per cent slabs and 18 or 12 per cent are in slabs. Jaitley said 28 items, excluding tobacco, luxury vehicles, AC, soda water, big TVs and dish washer, were removed from 28 percent tax slab and were put in the 18 percent and 12 percent tax slab.