GST is major financial reform

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Holding of the meeting in Srinagar is not just the Centre's initiative but numerous states too had demanded way back in February that the Council should meet in Jammu and Kashmir when it decides the tax rates, official sources said.

At the meeting held today, the tax rate of almost 1,205 items were finalised.

Considering the massive impact of GST the operators have already initiated the registration process involving migration to the GST regime, the COAI said.

The Tripura government held a meeting on GST with all legislators on May 12 and a workshop for the media would be held in Agartala on May 20.

"The enactment of the State Goods and Service Tax will be the beginning of a journey". "The GST law will boost the country's GDP growth by 2 per cent".

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These items at present attract 22-24 per cent tax incidence through a combination of central and state government levies.

"Any rate beyond the existing 15% makes the telecom services more expensive for the consumer", COAI director general Rajan Mathews in a statement said, adding that telecom industry hails GST as an iconic reform but was disappointed with the announced rate of 18%.

He further said that the new tax rate "will be adverse for the Ayurvedic medicines category and that too at a time when the government has been talking about promoting traditional Indian alternative medicine".

Currently, there are 17 items in the negative list of services on which service tax is not levied.

"Nearly 81 per cent of the items will fall under below-18 per cent GST rate slabs and only 19 per cent of the goods will be taxed above 18 per cent", Revenue Secretary Hasmukh Adhia said. "By implementing the proposed GST we can also create a better environment for business".

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