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FM to chair GST Council meet in Srinagar on Friday
20 May 2017, 02:58 | Austin Hogan
As per estimates the GST is expected to shore up government revenue and spur economic growth by 1-2 percentage points. DH illustration
Chief Minister Naveen Patnaik said GST will bring about comprehensive reform of the indirect tax regime of the country.
Smalls cars will be charged one per cent cess on top of 28 per cent tax, while mid-sized cars will attract three per cent cess and luxury cars 15 per cent on top of peak rates.
Kashmir Economic Alliance (KEA) has expressed concerns over the GST council meet to be held in Srinagar from May 19. It has been decided that the rate for capital goods and industrial intermediate items will be taxed at 18 per cent.
Jaitley is hopeful that the GST Council will be able to reach a consensus to finalise the list of exempted items on Friday, including tax rate of gold and bidi.
The move to increase tax rate on such items runs contrary to the government's efforts of promoting traditional Indian alternative medicine. "We are extremely disappointed with the GST rate decision as it will make telecom services costlier for the consumer, reduce voice and data consumption levels, which in turn, will hit telco bottomlines in the coming quarters".
Cereals, which are now charged at 5 per cent, would not be taxed under GST.
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. Sugar, Tea, Coffee and edible oil to fall under 5 per cent slab, as per reports. Uttar Pradesh government have reportedly demanded "puja materials" to be exempted.
Under the incumbent indirect tax regime, almost 400 items are exempt from excise and VAT. Government has chose to exempt only 7 per cent out of the list under the GST structure.
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Tim Farron, leader of the Liberal Democrats , said he is determined to stop the return of a "heartless Conservative government". Migrants - workers and students - will also be subject to a higher Immigration Health Surcharges for using the NHS.