Finance Minister Arun Jaitley on Monday said India could go for a single standard GST rate in the near future.
It could be a rate at some mid-point between the two. This will obviously take some time, it will happen once revenues improve. Lowering the tax rate on cement from 28% to a lower slab was, however, a priority, Jaitley said.
GST was implemented on 1 July 2017 as a four-slab system. The Goods and Services Tax (GST) Council last week reduced tax rates on 22 items, of which seven were from the highest slab of 28%, in line with Prime Minister Narendra Modi’s suggestion.