The Goods and Services Tax (GST), which started with the idea of "one nation one tax", has completed five years.

GST revenues now have clocked over Rs 1 lakh crore for 12 months on the trot.

However there are still lot of unfinished agendas with respect to GST rate rationalisation, compensation to states, GST on cryptocurrencies, online gaming, betting, gambling, etc.

In an interview with CNBC-TV18, TS Singh Deo, member of the GST Council and health minister of Chhattisgarh, said GST will have to be rationalised further and brought down to 2 or 3 slabs.

“GST rationalisation will come about. We cannot continue with 8 slabs. We have to rationalise and come down to 2 or 3 slabs," he said.

KN Balagopal, member of GST Council and finance minister of Kerala, said that the compensation to states needs to be extended as GST has not been able to fulfil the expectations.

“Even the BJP ruled states are struggling and are seeking more help from the Centre. So the compensation to states needs to be extended," Balagopal added.

Watch video for entire discussion.