GST slabs may be reduced to 3

Kolkata : In the long-term, Goods and Services Tax (GST) slabs may come down to three, in addition to the exempted category, Sanjeev Sanyal, Principal Economic Adviser to the Finance Ministry, on Saturday said.

The three slabs could be a low of 5 per cent, a central 15 per cent (merging 12 per cent and 18 per cent slabs that exist now) and a top rate of 25 per cent, he said. “In the long-term, the GST rates might be squeezed to three as more and more simplification will be done,” Sanyal said.

Meanwhile, the GST Council cleared a proposal to offer cash backs to consumers on trial basis for digital payments through Rupay cards, BHIM app and UPI system to promote cashless transactions in rural and semi-urban areas.

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