GST: Tax rate on services to come under two slabs

New Delhi: The government has said that the tax rate on services under the new goods and services tax (GST) regime under two slabs.

A report in the Live Mint said that finance minister Arun Jaitley is likely to limit the tax rate on services at 12 and and 18 percent.

The GST, which will subsume central excise, service tax, Value Added Tax (VAT) and other local levies, is scheduled to be rolled out from July 1.

Parliament has already passed the supporting GST bills and the states are also required to pass their separate legislations for smooth implementation of the new tax regime.