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

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

The GST Council concluded its latest round of meetings on Friday with the decision to apply the same four tax rate slabs for services as for goods, exempting, however, healthcare and educational services from the purview of the GST.

With the GST, India will join select league of nations with a goods and service tax. Saudi Arabia plans to do it in 2018.

In a statement, KEA Chairman Farooq Dar said holding GST council meet in Srinagar is a well-hatched plan of the government of India to implement the tax regime in the State.

"A three-day session of the Tripura Assembly would begin from May 23 to pass the State Goods and Services Tax Bill", Deputy Speaker Pabitra Kar told IANS in Agartala. Coal would attract a GST of 5 per cent, as compared to the existing tax rate of 11.69 per cent.

He said that as a large number of Central and State taxes will be subsumed into the GST, the cascading of taxes will be minimised and this will result in benefits to business and industry as well as consumers. Most of the states in the country have already passed the state GST bills. However, the government is yet to decide the GST rate for branded cereals.




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.

Currently, there are 17 items in the negative list of services on which service tax is not levied.

As per estimates, the GST is expected to shore up government revenue and spur economic growth by 1-2 percentage points.

Consumers stand to gain from the GST rates announced for daily consumption items which will also help keeping a check on prices, Consumer Affairs Minister Ram Vilas Paswan said on Friday.


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