New slab for tax rate to be formed merging 12% and 18%

Goods and Services Tax (GST) Council would explore the possibility of merging the 12% and 18% and forming a new tax rate which will be in between the two tax rates.

All these can be implemented after stabilizing of revenue and depend on tax buoyancy.

More than 90% of issues related to tax rates have been resolved after the Council brought down 178 items from higher rates to lower one.

Source: Economic Times

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