As revenue increases GST may be a 2 rate tax, says Arun Jaitley ; ruled out a single slab GST
Former finance minister Arun Jaitley on Monday said with the increase in revenue the country may effectively have two rates for the Goods and Services Tax (GST). He, however, ruled out a single slab GST saying that such a system is possible only in “extremely affluent” countries where there are no poor people. “As revenue increases further, it will give an opportunity to policy makers to possibly merge the 12% and 18% slab into one rate, thus, effectively making the GST a two rate tax,” he said in his blog '2 years after GST' Jaitley is the architect of the country’s biggest indirect tax reform, which was rolled out in 1 July 2017 when he was the finance minister. This is Jaitley’s first blog after he opted out of Prime Minister Narendra Modi’s council of ministers. His previous blog was on exit polls predicting a clear win for PM Modi.