Chief Economic Adviser ( CEA Arvind Subramanian today said going forward the Goods and Services Tax GST ) may "probably" have fewer rates by "collapsing" 12 per cent and 18 per cent tax slabs into one.He said the new tax regime, rolled out from July 1, will stabilise in the next six to nine months and become a "model" for other countries. "I am confident that over the next six to nine months the system will stabilise. It will also be a model for other countries to emulate..."Then over time, the 12 per cent and 18 per cent rate can probably be collapsed into one rate. So the fact is the transitional glitches, I think, is not surprising. "But the most important thing for the GST Council is to decide all these things and take corrective action," he said when asked about technical glitches the taxpayers were facing.

Source: Economic Times November 24, 2017 15:56 UTC