14th GST Coucil holds meeting in Srinagar

Finance Minister Arun Jaitley

According to him, in the meeting held in Srinagar on Thursday, out of 1,211 items, GST rates on all barring six have been decided. The meeting of the 14th GST Council began in Srinagar today marking participation of Union Finance Minister Arun Jaitley, Finance Ministers of all the states, Finance Secretaries and other taxation officials from the states and union territories.

Items like hair oil, toothpaste and soaps, which are now taxed at 28 per cent, will be taxed at 18 per cent under GST.

Vikram Mahaldar, VP & global sales head of OCM Pvt Ltd believes that after the GST is imposed, mills and buyers will have to pay extra money for fabrics made from natural fibre, as they are exempt from any taxes in most part of the country. Commonly used products like spices, tea and mustard oil will be taxed at 5 per cent.

For SUVs and cars fitted with 1500cc and larger engines, the current incidence of taxation is 41.5 per cent to 44.5 per cent - 27-30 per cent of central excise and the rest state Value-Added Tax.

While it is too early to say how gold and jewellery will be taxed under the GST, states like Kerala have asked for a 5 per cent tax on bullion.

V S Datey, Senior Consultant with Taxmann.com said the rates announced are along expected lines.

The Union Finance Minister said the principle item for discussion tomorrow would be the various categories for services and for making significant headway on the services itself.

"(With) the standard rate items of 12.5 per cent and 15 per cent, plus the cascading effect of local taxes, the tax rate was going up to 30-31 per cent.

Philippines is broadly in line with 2017 growth target: minister
Mr Pernia said the slowdown could be explained by the absence of election spending, which boosted growth a year earlier. Services-accounting for about half of GDP-rose 6.8% from a year earlier, while the industrial sector expanded 6.1%.

"Before we all came here there was a lurking doubt in the minds of many of us as to what is the environment in the state as to whether we will have to be here or not?"

As per the agency, most of the items have been kept in 5, 12, 18 or 28 per cent brackets.

The cess would be levied over and above the peak GST rate of 28 per cent.

"On rates, the categorisation of several consumer productsunder 18% is good news", Pratik Jain, Partner and Leader - Indirect Tax, PwC said.

The council finalised tax rates on 80-90 percent of items under the four-slab structure.

"Cereals will be in exempt list".

However, the fitment of packed and branded food is yet to be decided. "We will discuss", said Isaac. The Council did not take any decision on services tax rates. There is no increase. "On some we have deliberately brought tax down". "That despite reduction the revenue neutrality and tax buoyancy thereafter would be maintained", he added.

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