States' panel to take up GST revenue neutral rate next week

A final decision on the goods and services tax (GST) revenue neutral rate expected soon.

Even as the Centre tries its best to get all political parties on board to support the GST Bill in this session of parliament, the state finance ministers' panel on GST will be meeting next week to deliberate on the all-important revenue neutral rate, which will go a long way in setting up the basic tax structure in the country.

The panel has two reports to deliberate on -- one drawn up by the national institute of public finance and policy, which has proposed a 27 percent rate, and on the other side of the spectrum is the Finance Ministry's Chief Economic Advisor's report suggesting a 17-18 percent base rate.

The state finance ministers' panel had already ruled out a dual control mechanism for business with a turnover of less than Rs 1.5 crore.