Scope for reducing GST slabs once we become revenue neutral: Arun Jaitley

Key highlights:

• Finance Minister Arun Jaitley on Sunday hinted that there is scope for lesser slabs under GST
• This he said can be done once there is revenue buoyancy
• We have space for improvement and need for improvement to reduce compliance burden as far as small taxpayers are concerned, he said

Finance Minister Arun Jaitley on Sunday hinted that there is scope for lesser slabs under the Goods and Services Tax (GST) once there is revenue buoyancy.

"We have almost by the day, space and scope for improvement. We have space for improvement and need for improvement to reduce compliance burden as far as small taxpayers are concerned," he said at an event here.

"We have space for improvement, eventually once we become revenue neutral, to think in terms of bigger reforms such as lesser slabs, but for that we have to become revenue neutral...," he added.

Currently, GST has four slabs, with rates ranging from 0 to 28%.

ALSO READ:

• GST slabs rationalisation will depend on revenue buoyancy
• Number of slabs in GST will be reduced later: Meghwal
• GST Council revises rates for 66 items before rollout on July 1