GUWAHATI: Finance Minister, Arun Jaitley indicated that India might head for a single standard GST rate in the future.
“A future road map could well be to work towards a single standard rate instead of two standard rates of 12% and 18%. It could be a rate at some mid-point between the two," said Jaitley.
However, he specified that this system would only work if the revenue raised from GST collection rises significantly.
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"The country should eventually have a GST which will have only slabs of zero, 5% and standard rate with luxury and sin goods as an exception," said Jaitley.
This news comes after the GST Council revised the rates of 23 items, leaving only 28 items in the highest 28 percent category.