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GST Will Cut Inflation by 2%: HasmukhAdhia
May 25, 2017
According to Revenue Secretary HasmukhAdhia, the implementation of the new Goods and Services Tax regime will not only reduce inflation by 2% but also help in the GDP growth. This is because the current tax regime is crippled by the cascading effect of taxes which lead to high costs of goods and services. However, GST will remove this and lower the prices.
The GST council will meet next week to decide the tax rates of many other items that have not taken into consideration yet, such as gold, bidi, etc. For now, the council has decided the rates of 1,200 goods and 500 services by assigning them according to four tax slabs of 5%, 12%, 18% and 28%.
