The chief economic advisor to the country Arvind Subramaniam hailed the recent cuts by the GST council and said that the government is likely to keep the highest slab rate of 28% reserved for demerit goods while it can merge 12% and 18% rates.
Though one single GST rate is not possible for India, going ahead India can see a 0% rate for the poor, core rate and a demerit rate.
For revenue consideration still some items are placed in the highest slabs such as cement and other white goods which are likely to see a price due to the GST axe in the follow up meetings to happen.
Also, the inclusion of land, real estate, power and natural gas in the GST ambit are on the agenda of the Council.
So, sooner than later we can see a big price drop in white goods ranging from washing machines to ACs.