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High expectations as NE set to host first GST meet
10 November 2017, 01:51 | Darnell Patrick
Some common items might also have their rates slashed from 18 per cent to 12 per cent as demanded by states such as West Bengal
The 23rd GST Council meeting got underway in Guwahati on Thursday evening while the opposition Congress agitated outside the venue protesting the negative impact of GST on small businesses, poor and marginalised sections of the society. "With a view to giving further relief to small taxpayers and consumers at large, it is expected that tax rates will be brought down from current 28 per cent to 18 per cent on over 200 items of daily use", he said before flying to Guwahati to participate in the two-day GST Council meet that began on Thursday.
The panel also recommended lowering tax rates for manufacturers and restaurants under the composition scheme to 1 per cent.
"Tax rates on 80 per cent of 227 items falling in top slab is likely to be reduced from 28 per cent to 18 per cent in the next GST council meeting".
Under GST, various goods and services have been bracketed in 5%, 12%, 18% and 28%. We are hopeful that the suggestions provided by various trade bodies will be incorporated in the GST during the upcoming council meeting", Sobhapandit said.Sobhapandit added, "Various trade bodies have provided a number of recommendations so that doing business becomes easier and user-friendly under the new tax regime. "The whole idea is, as your revenue collections neutralises we must prune it", he had said. "I see that as a future guide as far as the Council is concerned", Jaitley had said.
The minister said that exclusion of electricity, crude oil, petrol, diesel, jet fuel, natural gas and real estate out of GST means that about half of total indirect tax revenue will be out of GST.
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