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Niti Aayog member bats for 2 GST slabs
Why is it in the news?
- Government think-tank Niti Aayog member made a case for only two slabs under the goods and service tax regime as against the multiple slabs currently.
- He also said that the rates should be revised annually if required.
More in the news
- The goods and services tax (GST), which replaced almost all the indirect taxes, came into force from July 1, 2017.
- The rates on goods and services have been revised several times since then.
- Currently, there are four GST rate slabs -- 5 per cent, 12, per cent, 18 per cent and 28 per cent.
- Several items fall in exempt category or nil duty. Besides, cess is also levied on five goods.
Source
The Hindu.