New Delhi: Finance Minister Arun Jaitley
today said achieving a 10 per cent GDP growth rate is
challenging and will depend on how the world is moving.
Speaking at the HT Leadership Summit here, he said India
has done well by growing at 7-8 per cent during the last three
years.
To scale to 10 per cent rate is "very challenging" and it
will not depend on domestic factors only but on how the world
is moving, he said.
On reforms, he said India has structurally reformed and
there is no finishing line in reforms.
Jaitley said the Goods and Services Tax (GST) started
with different tax rates and they have rationalised rates on
many items.
Going forward, future rationalisation of rates would
depend on revenue collections, he said, indicating the merger
of 12 per cent and 18 per cent rates into one while keeping a
"thin" line of luxury and demerit items in the top 28 per cent
band.
Currently, the GST has four rates of 5 per cent, 12 per
cent, 18 per cent and 28 per cent.
The finance minister said a cogent GST mechanism has been
developed and no country in the world has 5 per cent tax rate.
