The first day of 14th GST Council meet to decide fitment of commodities in various tax slabs under the Goods and Services Tax concluded in Srinagar's Sher-e-Kashmir International Convention Centre (SKICC). Another 17 percent items are in 12 percent tax bracket, 43 percent in 18 percent tax slab and only 19 percent of goods fall in the top tax bracket of 28 percent. "The tax burden hasn't increased in any commodity".
The complete details will be available in the public domain after the said meeting concludes on Friday. Jaitley complimented the JK Finance Minister Dr Haseeb A Drabu and the state government for making outstanding arrangements for the final leg of the GST Council before the law is rolled out on July 1 this year.
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Luxury cars will be taxed at 28% GST plus a cess of 15%, while small petrol cars will be taxed at 28% GST plus a 1% cess and small diesel cars at 28% plus 3% cess. As many as 81% of the items will attract 18% or less GST. Most raw food items including milk will be exempted from tax while the panel still has to finalize rates for processed food items. The 2 day meeting which has started today is the fourteenth meeting of the council, many key decisions such as deciding rates will be discussed in the meet. The GST rate on coal has been fixed at 5 per cent, down from 11.69 per cent of tax now charged. "One criteria in mind is that overall impact should not be inflationary", Finance Minister Arun Jaitley said. "Accordingly, while food stuff and unprocessed basic items like tea, coffee and edible oil may become cheaper, a large number of items which will be under 28% bracket would become costlier" company quoted him as saying. This would significantly bring down the list of "zero tax" products. "The formula under which it is being done has also been explained and therefore nobody is going to be taken by surprise, it's not going to be very significantly different (from present)", he had said at the annual meeting of industry body CII in New Delhi on April 28.
"We are banking on hope that under GST, evasion will be checked and buoyancy will go up", the minister said. "The government will get the benefit of higher revenue efficiency through better compliances", he added.Director-general of the National Academy of Customs Excise and Narcotics (NACEN), P K Dash enlightened the MLAs about the tax reforms.
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