1. GST Council may finalise exempt list on Friday, tax rates decided for all but 6 of 1,211 items

GST Council may finalise exempt list on Friday, tax rates decided for all but 6 of 1,211 items

PTI also reported that tax rates have been decided for all but 6 out of 1,211 items. The panel hopes to finalise the list of all exempted items tomorrow. The panel will discuss the tax rates on gold and bidis tomorrow.

By: | New Delhi | Updated: May 18, 2017 7:55 PM
Arun Jaitley The Goods and Services Tax (GST) Council will discuss rates of tax services in its Srinagar meet. (Source: Indian Express)

The Goods and Services Tax (GST) Council will discuss rates of tax services in its Srinagar meet. The council may meet again if tax for all items is not decided by then, according to a PTI report. According to ANI, Finance Minister Arun Jaitley said, ”Principal item for discussion tomorrow will be the various category of services.” The council has also approved seven of nine rules of the GST, the remaining two rules are being vetted by the legal committee.

PTI also reported that tax rates have been decided for all but 6 out of 1,211 items. The panel hopes to finalise the list of all exempted items tomorrow. The panel will discuss the tax rates on gold and bidis tomorrow.  Revenue Secretary H Adhia said, ”43% items fall in 18% slab & only 19% of the items fall in 28% slab. 81% of the total number of items are 18% or below.” The Centre is planning to roll out the Goods and Services Tax from July 1.

 

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A government official has told The Indian Express that, ”Finance Minister Jaitley was of the view that there should be minimum exemptions under the GST and exemptions should be provided only if the item is essential”. Kerala’s Finance Minister Thomas Isaac had stated that he will make a case for 5 percent tax on gold under the GST instead of the 1 percent demanded by some, as he feels that the precious metal is not an essential commodity, according to an Indian Express report.

The GST will be a national sales tax that will be levied on all goods and services. The tax will replace 16 current taxes, which will inclusde seven central taxes like excise duty and service tax and nine state taxes like Value Added Tax (VAT) and entertainment tax.

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