GST Council sets rates for most items

Products like hair oil, soaps and toothpaste will become cheaper as these products would be taxed at 18 per cent instead of the current overall tax incide-nce of 22-24 per cent. Daily-use items like sugar, tea, coffee and edible oil will attract the lowest tax rate of five per cent, nearly the same as current incidence. The meeting is chaired by Union Finance Minister Arun Jaitley, reported a national news portal.

He said the Odisha Goods and Service Tax Bill provides provision to levy tax on all inter-state supplies of goods or service except supply of alcoholic liquor for human consumption at a rate to be notified as recommended by the Goods and Service Tax Council. What is the principle or idea of tax being imposed on it at 1 per cent rate? Deputy Chief Minister of Delhi Manish Sisodia has raised concerns over services that are to be brought under GST "because service delivery destination is vague and we should discuss this".

The 18 per cent tax under GST regime will augment the existing burden of the telecom industry further, he added.

The tax rate which is closest to the present incidence of tax on a good or service will be chosen with a view to keeping the shift from the present regime of excise duty plus VAT or service tax to GST regime-neutral for consumers.

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It also said that the festival is having difficulty sourcing talent because of "a limited number of artists touring in 2017". This refund policy only applies to festival pass buyers who purchased their passes at the Meadows at Pemberton Golf Course.

"On many commodities there would be reduction because of the cascading effect, but we are banking on the hope that because of a better tax system and less evasion there would be tax buoyancy", he said.

The International Monetary Fund (IMF) had earlier this year said the GST could help raise India's medium-term GDP to over 8 per cent and create a single national market for enhancing the efficiency of movement of goods and services.

"This is the most important meeting because tax is to be decided and this is the concluding part of the GST Council", state Finance Minister Haseeb Drabu said.

As of now there are over 17 items that are placed in the negative list of services. As per our estimate, we will have Rs 1500 to 2000 crore profit in tax revenue.

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