Government think-tank Niti Aayog member Ramesh Chand on Wednesday made a case for only two slabs under the goods and service tax regime as against the multiple slabs currently, and said rates should be revised annually if required.
Terming the decision "belated wisdom", he questioned why it was not taken earlier.
Once the system stabilises, the Council will look into bringing petroleum products, electricity duty and property stamp duty into the GST fold, he said
The Central Board of Excise and Customs (CBEC) has asked all consumer goods companies to immediately lower prices of shampoos, detergents, deodorants and other products on which GST was slashed from 28 per cent to 18 per cent.
Popular restaurants and eateries have hiked menu prices, negating the impact of GST rate cut on consumers.
Following the biggest GST rejig till date, prices of over 200 items, most of them being of daily use, are set to get cheaper from today.
Five ways some restaurants could attempt to con you into paying more and how you can protect yourself.
FM Jaitley also said that rationalisation of GST rates was a long exercise and linking it to Gujarat elections was 'juvenile politics'.
In a series of tweets, the Rajya Sabha MP said that he and Congress party is "vindicated" by the cuts in the Goods and Services Tax (GST) rates.
The all-powerful council pruned the list of items attracting the top 28 per cent tax rate to just 50 from 227 previously, Bihar Deputy CM Sushil Modi told reporters.
Prices of 80 per cent items under the highest slab of 28 per cent under GST are likely to be brought in the 18 per cent tax bracket.
The GST Council is also set to consider steps to ease the compliance burden for traders and businesses. A ministerial panel has pitched for extending the quarterly filing of returns facility to all taxpayers.
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