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GST Council meet in progress at Srinagar, disclosure of GST rates soon

He said importing states like J-K stand to benefit from the GST as there will be no cascading effect of taxes, resulting in fall in prices of commodities.

Expressing its disappointment, the association said, "the effective tax rate of 40 per cent on these products under the GST regime is against the stated policy of maintaining parity with the existing weighted average tax which is significantly below 40 per cent". The key GST Council meeting will see the states pitching for their preferred rates on select items.

Talking to leading national daily he said "In 1991 the entire economic regime was changed and no state was consulted". What is the principle or idea of tax being imposed on it at 1 per cent rate?

The industry body said that during several rounds of meetings with the GST council, the representatives of the industry have brought forward issues, related to smooth operations and expansion of the telecom services such as place of business, centralised settlements, and multiple jurisdiction in one telecom circle, place of supply (PoS) and MRP based valuation and clarity was sought.

"However, as we have a special constitutional position, we will try and make some changes", Drabu told reporters on the sidelines of the 14th meeting of the GST council at the SKICC in Srinagar.

Officials said that basic services which are at present exempt from service tax would be kept out of the GST as the Centre does not want to give any shock to people in the first year of GST rollout. "This is the most important meeting because tax is to be decided and this is the concluding part of the GST Council", state Finance Minister Haseeb Drabu was quoted as saying by PTI. Another 17 per cent items are in 12 per cent tax bracket, 43 per cent in 18 per cent tax slab and only 19 per cent of goods fall in the top tax bracket of 28 per cent. It also expects Rs 1,500 crore to Rs 2,000 crore in tax revenue from implementation of GST. The list will be exempted from the service tax, this includes religions pilgrimage, education, healthcare, journalistic activities, education and skill development.

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