ENA Economy 2018-10-29 06:03:35 <p><strong>New Delhi, Oct 29 (KNN) </strong>Government of India is likely to reduce the current four-slab GST rate structure to three as the process of rationalizing India's new indirect tax regime proceeds further, said Prime Ministers Economic Advisory Council (PMEAC) Chairman Bibek Debroy.</p> <p>Addressing the gathering at the launch of GST: Explained for Common Man written by former Central Board of and Excise and Customs Chairman Sumit Dutt Majumder, the PMEAC Chairman noted that only very few countries that have implemented GST follow the principle of dual GST (Goods and Services Tax) whose terminal role from an economists point of view is to have a single tax structure. </p> <p>Only a few countries have actually implemented GST that includes India, Canada and perhaps Australia have dual GST, while the rest have a single, unitary tax, he added.</p> <p>Admitting that a multiple tax structure makes GST implementation an extremely difficult process, he said the consensus on this overhaul of India's indirect tax regime was that the reform, although not perfect, should be rolled out and it (GST) could be tweaked as we go along .</p> <p>Further, he pointed that the countries had taken as long as 10 years for their GST systems to stabilize. </p> <p>Adding to the statement, to make GST rates more precise and easy he said, Going ahead, we in India will probably have three rates, instead of the current four.</p> 21169 https://knnindia.co.in/news/newsdetails/economy/india-likely-to-have-3-gst-rates-in-future-pmeac-chairman 2018-10-29 06:03:35 knnindia.co.in