Post Saturday's rejig of GST rates, 97.5% of commodities are taxed at 18% or less
New Delhi: Finance minister Arun Jaitley on Monday said the next stage of reforms of the goods and services tax (GST) would see the standard rate converging to around 15%—the midpoint of the existing standard rates of 12% and 18%. If indeed this happens, India will have all but achieved the idea of “one nation, one tax". At present, the transition to GST has ensured “one commodity, one tax"—unlike in the preceding regime where each commodity would attract up to 17 taxes. After the rejig of rates on Saturday, 97.5% of commodities are taxed at 18% or less.