Published: Sat, May 20, 2017
Markets | By Noel Gibbs

GST to convert entire country into one market: Patnaik

GST to convert entire country into one market: Patnaik

"The announcement of 18 per cent GST rate for soaps, toothpaste and hair oil is along expected lines and is certainly welcome".

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

Jaitley had earlier this month expressed confidence of the GST Council arriving at tax rates in the May 18-19 meeting. The decision to keep the list short has been taken despite several requests from different industry associations to exempt their products or keep them in the lowest slab. It will replace 16 current levies - seven central taxes like excise duty and service tax and nine state taxes like VAT and entertainment tax - thereby creating India as one market with one tax rate.

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Jaitley promised that the Centre will do all it can in restructuring the GST implementation for Jammu and Kashmir keeping in mind the special status of the state, an official spokesman said here. In GST, the curtailment of layers of movement of goods is inevitable.

"A three-day session of the Tripura Assembly would begin from May 23 to pass the State Goods and Services Tax Bill", Deputy Speaker Pabitra Kar told IANS in Agartala.

The meeting will last for two days during which the participants will decide on tax bands for various commodities under the country's first major indirect tax reform.

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The GST Council in its previous meetings had decided on a four-tier tax structure of 5, 12,18 and 28 per cent.

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".

He said GST has to be passed through State assembly and also endorsed by the people before it is implemented here.

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