14th GST Coucil holds meeting in Srinagar

14th GST Coucil holds meeting in Srinagar

14th GST Coucil holds meeting in Srinagar

Jaitley said the rates on the remaining items will be decided in the Council's meeting on Friday.

Seconding Nair's view, Bipin Sapra said that the the broad structure of the GST has become clear, with only a few commodities being exempted.

In April, the Lok Sabha had passed Goods and Services Tax (GST) bill.

Cereals, which are now charged at 5 per cent, would not be taxed under GST. Capital goods and industrial intermediaries will be taxed at 18%.

Under the new tax, rates will range from 5 to 28 percent, with 12 percent and 18 percent being the standard rates.

He said it would benefit the State by increasing its tax revenue by Rs 1,500 crore to Rs 2,000 crore. However, with 12 or 18 per cent tax, services are expected to get more expensive.

India on Thursday finalised tax rates that will apply to different goods and services under a new sales tax which New Delhi aims to roll out from July 1. Two set of rules on transition provision and returns have been referred to legal committee.

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He said the common people would have many benefits of the GST because it would decrease the cascading effect of taxes.

Jaitley assured the state government that the centre will extend all possible help in restructuring the GST implementation for Jammu and Kashmir while respecting the special status of the state. Although officers said given the current incidence of 30-31 per cent, there should be a reduction in prices. Of these, some are items to be used by common man soap, oil-that has been brought down to 18%. So there will be a substantial reduction as far as those items are concerned.

India cleared one of the last major hurdles to introducing a goods and services tax after government ministers finalized rates for substantial items in the biggest shakeup of the nation's tax system since independence in 1947.

As many as 81 per cent of the items will attract 18 per cent or less GST. "Another aspect encountered and accepted by most of the GST countries lies in the statistic that GST will be inflationary, especially if the effective tax rate is higher than what prevailed before". Sugar, Tea, Coffee and edible oil to fall under 5 per cent slab, as per reports.

"Cereals will be in exempt list".

However, the fitment of packed and branded food is yet to be decided. "We are now part of the national policy making which will be recorded in the history", he said. "If any part of the item relating to either goods or services can not be concluded by tomorrow evening, then the council may decide a date to meet once again to complete the discussion on those items". There is no increase. Outcome of tomorrow's session will be critical for nailing down on the GST Go Live date, " he said.

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