Cabinet likely to form GST Council today

India’s move to introduce the new indirect tax is all set to enter a crucial stage. Following the President's assent to constitutional amendment enabling the rollout of the Goods and Services Tax Bill, the Union Cabinet is likely to take up the constitution of the GST Council in its meeting on Monday, reports CNBC-TV18’s  Sapna Das.

This GST Council, to be headed by the Union Finance Minister and comprising state finance ministers, will decide the rates at which the GST will be levied and collected and have to be paid across the country by consumers.

The council will also have to finalise the number of slabs the GST will be pegged at for different categories of goods and services. Besides the standard rate, there could be a lower rate for wage goods consumed by the poor and another one for demerit or luxury goods, also called 'sin goods.'

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