Srinagar hosts 14th GST Council meeting today: Local newspapers say it all

Delia Watkins
May 20, 2017

Notably, a workshop on the GST was organised on Wednesday for the legislators, where some of them said they did not understand some of the clauses of the proposed legislation.

The industry was lobbying for 18% tax slab under GST.

The GST Council in its previous meetings had decided on a four-tier tax structure of 5, 12,18 and 28 per cent.

Most items are under this tax slab which include flavoured refined sugar, pasta, cornflakes, pastries and cakes, preserved vegetables, jams, sauces, soups, ice cream, instant food mixes, mineral water, tissues, envelopes, tampons, note books, steel products, printed circuits, camera, speakers and monitors.

Talking to leading national daily he said "In 1991 the entire economic regime was changed and no state was consulted". Besides, for demerit and luxury goods, a cess will be levied on top of the peak rate. The two-day meeting to be held today and tomorrow will be chaired by Finance Minister Arun Jaitely and is to be attended by around 150 dignitaries including finance ministers and secretaries of all states along with those of three union territories.

China's Xi calls for S. Korea ties to get back on track
Moon also met with Fukushiro Nukaga, head of a nonpartisan group of Japanese lawmakers for friendship between the two countries. He added that China hopes South Korea's new government will "correct the problems" and take measures as soon as possible.

Videocon's chief operating officer CM Singh said though some consumers may now prepone their purchases before July, it is unlikely to compensate for the loss of business after GST is implemented.

The tax rate which is closest to the present incidence of tax on a good or service will be chosen with a view to keeping the shift from the present regime of excise duty plus VAT or service tax to GST regime-neutral for consumers.

Under it, C-GST will be levied by the Centre, S-GST by states and I-GST on inter-state supply of goods and services.

As of now there are over 17 items that are placed in the negative list of services. He said the common people would have many benefits of the bill as it would decrease the cascading effect of taxes. It also expects Rs 1,500 crore to Rs 2,000 crore in tax revenue from implementation of GST.

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