GST Council meet from tomorrow to fix rates on goods, services

Cornelia Mascio
Mag 20, 2017

FMCG firms Dabur and Emami welcomed the rates on commonly used consumer items stating it would be beneficial but said more clarity is needed to understand overall impact.

"The enactment of the State Goods and Service Tax will be the begining of a journey".

Srinagar has been chosen as the venue for this crucial GST Council meeting, which will have in attendance Union Finance Minister Arun Jaitley and his ministry officials as well as representatives of 29 states and union territories, to send out possibly a message to the people of Jammu and Kashmir on the importance it holds for the country.

The telecom industry, expressing its disappointment over the 18 per cent Goods and Services Tax (GST) rates, on Friday said it will further stress the already bleeding balance sheet of the sector. "It is a major financial reform which will convert the entire country into one single market", Naveen said.

He said that as a large number of Central and State taxes will be subsumed into the GST, the cascading of taxes will be minimised and this will result in benefits to business and industry as well as consumers. The govenrment will get the benefit of higher revenue efficiency through better compliances. Director-general of the National Academy of Customs Excise and Narcotics (NACEN), P K Dash enlightened the MLAs about the tax reforms. "The GST law will boost the country's GDP growth by 2 per cent".

"We are disappointed with the government's decision to levy 12 per cent GST on ayurvedic medicines and products", Dabur India Chief Financial Officer Lalit Malik said in a statement. "It is a no gain no loss situation for us although we had asked the Finance Minister to classify edible oil in zero tax category", he said.

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