28% GST Rate being gradually out

28% GST Rate being gradually out: Jaitley

NEW DELHI: Union minister Arun Jaitley said in a blog post on yesterday that the 28% GST Rate being gradually out over goods under the goods and services tax (GST) and the bracket currently covers mostly luxury items or sin goods.

The tax on other items outside the luxury-sin goods such as cement, air-conditioners, large screen TV’s and a handful of others could also be reduced as revenues rise.

“Thus within a record period of thirteen months, the GST Council has almost phased out the 28% category. It is only a matter of time that the final obituary of the ‘Congress Legacy Tax’ is written. Only the luxury-sin tax would remain,” Jaitley  shared a post on Facebook.

The past one year has seen rate reduction in 384 commodities and not a single increase, Jaitley said, contrasting the GST regime that rolled out on July 1 last year with the indirect tax regime under Congress-led UPA Govt.

The GST rates have been cut down for 68 services as well and total revenue loss following the reduction rated on goods and services is about Rs- 70000 crore.

The reduction has reduced the cost to the consumer, increased his capacity and added to the increased consumption in the economy, Jaitley added. “There is no better opportunity for consumers to make purchases than in the environment which the GST has created.”

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