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Arun Jaitley:GST on cement, ACs and TVs likely to be cut

In a Facebook post, Union Minister Arun Jaitley said that there has been no increase in taxes on any product under GST.

He added that the highest tax slab of 28% is being gradually phased out, and as revenues stabilize, only luxury and sin goods would be taxed at this higher rate.

The other items outside the luxury-sin goods category are cement, air-conditioners, large screen televisions and a handful of others.

Calling the earlier complicated indirect tax regime a “Congress legacy tax”, the Union Minister said taking together excise, value-added tax, the central sales tax as well as the cascading impact, the tax rate worked out to 31%.
Jaitley stressed that the move to change rates by the NDA government has reduced the cost to the consumers, increased their purchasing capacity and added to consumption in the Indian economy.

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