Latest News

  • Home
  • National
  • GST Council may replace 12% and 18% slabs with 14-15% one: Sushil Modi
GST Council may replace 12% and 18% slabs with 14-15% one: Sushil Modi
Friday, August 3, 2018 IST
GST Council may replace 12% and 18% slabs with 14-15% one: Sushil Modi

At present, around 49 countries use a single GST rate, 28 use two rates and four countries, including India, have more

 
 

The Goods and Services Tax Council might replace the 12 per cent and 18 per cent slabs with a 14-15 per cent one, said Bihar Deputy Chief Minister Sushil Modi on Thursday. 
 
While addressing a seminar on the GST, organised by the Institute of Chartered Accountants of India, Modi said this slab rationalisation was likely to be taken up only after the GST collections have reached Rs 1 trillion. Experts claim this might take nine months to a year to reach this target.
 
This would reduce the number of GST rates to four. Also, the GST rates of items such as refrigerators, washing machines, small television sets, and paint and varnish could go down further after they were cut from 28 per cent to 18 per cent recently.
 
Except for April, the GST has never yielded revenue of Rs 1 trillion. This was also an aberration since arrears of the previous months were paid. In July, Rs 964.83 billion was collected, against Rs 956.1 billion in June and Rs 940 billion in May.
 
"Pruning the number of GST rate slabs is definitely a good idea. But I don't foresee that happening in the next nine to 12 months till the tax collections consistently reach the desired Rs 1-trillion-per-month target," said Harpreet Singh, partner at KPMG.
 
At present, around 49 countries use a single GST rate, 28 use two rates and four countries including India have more rates.
 

 
 
 
 
 

Related Topics

 
 
 

Trending News & Articles

 Article
Here is the full list of 827 porn websites banned by the DoT

While the Uttarakhand High Court has asked to block 857 websites, the Ministry of Electronics and IT (Meity) found 30 portals without any pornographic content. ...

Recently posted . 61K views . 1 min read
 

 Article
Class XII Boys Raped 16-Year-old in Dehradun School After Watching Porn on Phone: Police

The four boys as well as five school officials, including the director and principal, were arrested after the incident. The minors were presented before the Juvenil...

Recently posted . 8K views . 1 min read
 

 Article
Sept 27,2001 Rahul Gandhi and his girl friend Veronique,was arrested in Logan airport in Boston

Rahul was having an Italian passport and was carrying suitcase full of dollars. Some say it was about was it $2 million. Rahul and his girl friend was th...

Recently posted . 7K views . 7 min read
 

 Article
TOP 10 GYM EQUIPMENT BRANDS IN INDIA 2017

True – Tr...

Recently posted . 6K views . 83 min read
 

 
 

More in National

 Article
Rs 70,000 crore worth black money distinguished since notes ban, says black money panel member​

Cuttack: Deputy Chairman of the Supreme Court-delegated SIT on black money, Justice Arijit Pasayat, on Thursday said Rs 70,000 crore of black money has been uncover...

Recently posted. 882 views . 13 min read
 

 Article
Wockhardt moves down 4.5% as Q4 net loss swells

Shares of drug firm Wockhardt today came down by 4.5% after the company reported widening of its consolidated net loss for the fourth quarter ended March.<...

Recently posted. 1K views . 5 min read
 

 Article
Delhi University's New Student Body Chief's Marksheet Fake, Says College

Ankiv Baisoya has dismissed the allegation as false and "baseless" and said that his admission to the university was done after proper verification of doc...

Recently posted. 606 views . 1 min read
 

 Reviews
Top 10 Companies to Work For in India



Recently posted . 1K views . 34 min read
 

 Article
INS Khanderi – The new guardian of India's seas

New Delhi: The INS Khanderi was launched on Thursday in Mumbai, denoting another point of reference in India's endeavors to fortify its maritime armada.

Recently posted. 786 views . 5 min read
 

 Article
7 Less Crowded Nearby Alternatives To Popular Hill Stations

Isn't it completely frustrating when weeks of planning and hours of travelling lands you at a place which is even more crowded than your hometown? It happens ...

Recently posted. 817 views . 3 min read
 

 
 
 

   Prashnavali

  Thought of the Day

"All our dreams can come true if we have the courage to pursue them."
Anonymous

Be the first one to comment on this story

Close
Post Comment
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST


ads
Back To Top