May 18
Srinagar: The 'Goods and Service'(GST) council in Srinagar today finalized the rates at which various commodities will be taxed once. The (one tax for all) GST will kicks in from July 2017 .
It is believed that consumer goods like pulses and rice will get cheaper, as there will be no tax on these commodities. Both of these along with food grain have been added to exempt list ,which means these commodities will not be taxed.
Currently 299 items are on the exempt list from taxes at the central level and 99 in states. Sugar, tea and coffee were not added in exempt list and will attract 5 percent tax rate.
Till now ,Milk is taxed by govt in some states but now Milk also has been added to the exempted category.
The GST council in Srinagar discussed the tax rates of thousands of Commodities which have to be grouped in seven categories of taxes - 0 percent, 5 percent, 12 percent, 18 percent, 28 percent, special category and luxury items category.
Luxury items like Cars will not cheaper due to GST. Cars will attract three categories of cesses 1, 3 and 15 percent.
The rates of items like biscuits, footwear,gold,textiles, are yet to be decided by GST council.
While addressing a press Conference in Srinagar, Arun Jaitly said, " GST is an efficient system of taxation and this inherent efficiency will help curbing tax evasion,"
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