Rishton ka saudagar – baazigar
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The 28% slab is also reportedly on its way out, and will only be levied on “luxury and sin goods” like large televisions and cigarettes. At the time, the government justified the multiple rate system by saying it ensured that the indirect tax rate on an item did not fall significantly.
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This is part of the “one nation, one tax” approach envisioned under the reform.At present, the GST regime has four separate slabs - 5%, 12%, 18% and 28%. He also said that the government was mulling the possibility of merging the two tax rates on standard items, which are 12% and 18%, into a single rate of 15% in order to make the enforcement and compliance of the taxation system simpler. The prior taxation system included as many as 17 different rates on the same product. Jaitley explained that prior to the reform’s implementation, the value-added-tax regime levied a 31% indirechair dhair dermatologistermatologistt rate on most items in addition to state-specific cesses and excise duties. However, in a Facebook post entitled “Eighteen Months of the GST”, India’s finance minister, Arun Jaitley, looked to dispel some oft-levied gripes against the policy, which includes a claim that the 28% slab is too high. Between the demonetisation initiative and the ostensibly botched implementation of the Goods and Services Tax (GST) regime, the Modi administration’s most strident critics have had plenty of fodder. The average monthly tax collected this year is around ₹971 billion, which is less than the ₹1 trillion the government was targeting. The GST regime has not resulted in the accumulation of increased tax revenues as hoped. At present, the GST regime has four separate slabs - 5%, 12%, 18% and 28%, the last of which is reportedly on its way out and will only be levied on “luxury and sin goods” in the future. खुबचंद बघेल स्वास्थ्य सहायता योजना)(Image source- Reuters) Arun Jaitley has said the government is mulling the possibility of merging two tax rates on standard items, which are 12% and 18%, into a single rate of 15%.