GST Slab: Industry body Confederation of Indian Industry (CII) President Sanjeev Bajaj on Tuesday advocated simplification of the GST framework, saying that along with electricity, fuel should also be brought under the purview of GST. Along with this, Bajaj has also suggested reducing the number of tax slabs of GST from four to three.
Electricity and fuel also need to be brought under GST
In a conversation with the media, Bajaj said that in order to make the Goods and Services Tax (GST) more simple, some anomalies have to be removed and products like electricity, fuel also need to be brought under this tax. He has said that if we do this, the structure of GST will be simpler, the cost will come down and the industry will be more competitive.
GST has been 5 years
Justifying keeping luxury products in the higher tax slab of 28 per cent, he has said that we believe that three slabs can be made to simplify the GST tax structure. Now five years have passed since this tax system was implemented and we also have experience so it can be discussed.
There are currently 4 slabs in GST
There are currently four slabs of GST which are 5 per cent, 12 per cent, 18 per cent and 28 per cent respectively. There are different tax rates for gold and gems and jewellery. On the issue of the deteriorating health of the rupee against the dollar, Sanjeev Bajaj, Chairman and Managing Director, Bajaj Finserv Limited said that the Reserve Bank is trying at its level to control it.
Several steps taken to bring down inflation
He said that the government has taken several steps to bring down inflation. He said that if the monsoon is good, then inflation should come down. Bajaj said that due to the steps taken by the government in the last two years, India is in a better position than other countries of the world.