Domingo, 27 May, 2018

GST Council meet from tomorrow to fix rates on goods, services

GST to Convert Entire Country Into One Market : Naveen GST Council meet from tomorrow to fix rates on goods, services
Manuel Armenta | 20 May, 2017, 03:05

"There has been a lot of concern raised regarding the GST rules and whether vendors will be ready by July 1", Neeraj Prasad, Additional Commissioner, GST Cell, Central Board of Excise and Customs (CBEC) said on Wednesday.

At the meeting held today, the tax rate of almost 1,205 items were finalised.

Patnaik further said that the enactment of the State Goods and Services Tax will mark the beginning of a journey.

The decision was taken at today's GST Council meeting, where tax slabs were discussed.

The GST will be a national sales tax that will be levied on consumption of goods or use of services. The GST rate on coal has been fixed at 5 per cent, down from 11.69 per cent of tax now charged.

"The GST will bring about comprehensive reform of the indirect tax regime in the country and a major financial reform to make India a single market", Patnaik said while addressing the legislators in the workshop on GST held ahead of the Odisha Assembly's special session tomorrow.

Smalls cars will be charged one per cent cess on top of 28 per cent tax, while mid-sized cars will attract three per cent cess and luxury cars 15 per cent on top of peak rates. Expressing similar views, Emami CEO (Finance, Strategy and Business Development) said: "It appears that the rate will benefit us and industry but we need to understand GST (rates) in entirety to comment on the subject". States sought to have the lowest GST for goods sensitive to their states.

Officials said that basic services which are at present exempt from service tax would be kept out of the GST as the Centre does not want to give any shock to people in the first year of GST rollout. "By implementing the proposed GST we can also create a better environment for business".