New Delhi, Aug 26 (KNN) With almost two months into the newly implemented Goods and Services tax (GST), the Minister of State for Finance Arjun Ram Meghwal said that the tax rates of items under GST is not necessarily the final word and there is scope for reconsideration of tax rates.

Meghwal informed that the Union government is open to suggestions and requests of revision of tax rates and there is no hard core rigidity on the part of the GST council to not consider the revisions.

The Minister further said that at present it is important to observe the revenue realisation. Following which decisions on tax rates can be considered.

Responding to the concerns of entrepreneurs regarding service tax moving up from 13 to 15 and now 18 per cent, the Minister said that the sector shouldn’t worry about it, and it has been done keeping in mind that the revenue realisation is better.

Meghwal assured that other rationale with regard to the tax rates will be considered by the GST council and the government is committed to take decisions that are in the best interest of the entrepreneurs.

The Minister made these remarks during a press interaction at the Greater Kochi Economic Forum event. (KNN/ DA)