The Minister of State for Finance, Shiv Pratap Shukla said on Thursday that the GST Council is working on rationalising Goods and Service Tax (GST) rates.
A big announcement from the government regarding GST is imminent, he said at an event.
Currently, there are four slabs under the GST including 5 per cent, 12 per cent, 18 per cent and 28 per cent.
The GST Council, the apex body deciding policies had, in its meeting in January, decided to slash the GST rate on 54 services and 29 items.
In its November 2017 meeting, the council had removed 178 items from the highest 28 per cent category while cutting tax on all restaurants outside starred-hotels to 5 per cent.
He further said the government is working to promote the growth of SME as it is an important sector to the economy including in output, employment and exports.
In last February Finance Minister Arun Jaitley said that the GST Council is working to trim the list of item in the highest tax slab of 28%, but merging of the 12% and 18% slabs will have to wait till tax compliance increases.
