NEW DELHI, Oct 27: The current four-slab GST rate structure is likely to be reduced to three as the process of rationalising India's new indirect tax regime proceeds further, the Prime Minister's Economic Advisory Council (PMEAC) Chairman Bibek Debroy said.
In his address at the launch here 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."
"Only a few countries have actually implemented GST," Debroy said. "Only very few..two or three, including India, Canada and perhaps Australia have dual GST, while the rest have a single, unitary tax," he said. - IANS