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The Finance Minister Arun Jaitley on Saturday ruled out the possibility of immediately having just one or two rates under the newly launched Goods and Services Tax (GST) system.
Many have asked the Government as to why can't there just be one or two rates under GST instead of the current multiple tax rates (five rates of 3,5,12,18 and 28).
This (having just one or two rates) is not possible today, Jaitley said at the CA Institute's annual foundation day event in the capital.
Jaitley however indicated that the number of rates could be brought down in the future. For instance, the 12 percent rate and 18 percent rate may get merged in future, he indicated.
India on July 1 launched the much awaited GST system that is billed as the largest ever tax reform undertaken by the country since independence.
Jaitley also expressed confidence that technology intensity in indirect tax and direct tax administration would go up in the coming years and this will bring big benefits to taxpayers.
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