No clear consensus on GST rate yet : Arun Jaitley
DSIJ Intelligence / 19 Oct 2016
The GST council meet ended on a positive note on October 19 with a broad consensus on several matters neatly in place amongst the various state finance ministers. However there is no consensus amongst the state finance ministers on the GST rate said Arun Jaitley while talking to media.
The GST council meet ended on a positive note on October 19 with a broad consensus on several matters neatly in place amongst the various state finance ministers. However there is no consensus amongst the state finance ministers on the GST rate said Arun Jaitley while talking to media.
The third day meet which was supposed to happen on October 20 will not take place and now the meeting will happen next month on November 9 and Nov 10.
The GST Council chaired by Finance Minister Arun Jaitley has to decide on the rate of tax which has to be approved by Parliament.
After today’s meeting the slabs proposed are 6,12,18 & 26 per cent and the food items are proposed by centre, to be exempt from the tax ambit to keep the inflation in control. FMCG and consumer durables' products may be taxed at 21 per cent against 31 per cent currently.
There might be an additional cess of over 26 per cent, levied for luxury goods like cars, cigarettes and soft drinks.
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