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GST cuts likely, some rate slabs may even merge: Finance Minister

Individual incomes have been growing slower than inflation in India, leading to sharp slump in consumption. Reduction in GST, which is levied on items of daily use, may be the need of the hour.
The article from CNBC TV18 discusses potential changes to India's Goods and Services Tax (GST) structure as hinted by Finance Minister Nirmala Sitharaman. She indicated that the GST Council might consider reducing the number of tax slabs and possibly merging some of them to simplify the tax regime. This comes in response to ongoing discussions about making GST more efficient and less cumbersome for businesses. The Finance Minister emphasized that while the GST system has been a significant reform, there is still room for improvement in terms of rate rationalization and addressing the inverted duty structure, which could lead to lower tax rates for certain goods and services, thereby potentially reducing the cost for consumers and easing compliance for businesses.

Read the Full cnbctv18 Article at:
[ https://www.cnbctv18.com/business/companies/gst-cuts-likely-some-rate-slabs-may-even-be-merged-finance-minister-19556702.htm ]