Jaitley says 5 rate structures presented to GST Council, highest being 26%
Advertisement
The day one of the GST Council concluded with five different rate structures being presented to the panel. Finance Minister Arun Jaitley the rate should be such that it should not affect the consumers, also keeping revenues of the states and the Centre in mind.
On day one of the three-day meeting, one of the presented was of the standard 18% rate and the highest proposal was made of 26%.
A committee headed by chief economic advisorArvind Surbamanian has suggested a four rate structure with standard rate of around 18%, a lower rate of 12%, 2-6% for precious metals and a demerit rate of 40%.
The GST Council managed to sort out the details of the compensation to the states on account of any loss incurred due to the roll out of the Goods and Services Tax (GST).
FM said so far all the decisions have been taken with consensus. The GST Council has to decide all issues through a majority vote of at least 75%. Centre has one-third vote and states together have two-third vote.
Advertisement
Advertisement
On day one of the three-day meeting, one of the presented was of the standard 18% rate and the highest proposal was made of 26%.
A committee headed by chief economic advisor
The GST Council managed to sort out the details of the compensation to the states on account of any loss incurred due to the roll out of the Goods and Services Tax (GST).
FM said so far all the decisions have been taken with consensus. The GST Council has to decide all issues through a majority vote of at least 75%. Centre has one-third vote and states together have two-third vote.
Advertisement
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- One of the world's only 5-star airlines seems to be considering asking business-class passengers to bring their own cutlery
- Vodafone Idea FPO allotment – How to check allotment, GMP and more
- Vodafone Idea shares jump nearly 8%
- Indians can now get multiple entry Schengen visa with longer validity as EU eases norms
- Investing Guide: Building an aggressive portfolio with Special Situation Funds
- Markets climb in early trade on firm global trends; extend winning momentum to 3rd day running
- Impact of AI on Art and Creativity