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As per the centre, the current GST average rate is around 11 percent. Increasing it closer to the revenue-neutral rate will involve hiking rates of some items in the 5 percent and 12 percent brackets.
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In an interview with CNBC-TV18, Saurabh Patel, Former Finance Minister of Gujarat, which passed the GST Bill today, talked about the tax and what will be the minimum tax rate that they state government expects.
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The Empowered Committee of State Finance Ministers, chaired by West Bengal FM Amit Mitra, today met Union Finance Minister Arun Jaitley to thrash out details of the ambitious goods and services tax (GST) reform.
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The state finance ministers' panel on GST will be meeting next week to deliberate on the all important revenue neutral rate.
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Reports suggest the FMCG sector contributes a significant USD 6.5 billion in direct and indirect taxes.
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The top 100 leaders from each chamber will lend their support in a 90-minute long interactive session with the FM.
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CEA panel is of the opinion that the GST rate should be outside the purview of the constitution, thereby bringing the GST rate within confines of the legislative process
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The chief economic advisor, Arvind Subramanian, has submitted his report on the goods and services tax (GST) to Finance Minister Arun Jaitley that outlines the scope of the ambitious reform that aims to rehaul the country's indirect code.
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The CEA panel may also recommend concessional, lower, standard and higher GST rates. Sources suggest cigarettes, luxury cars and beverages may have a higher GST rate. Precious metals on the other hand may be taxed at a concessional GST rate.
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The Empowered Committee of State Finance Ministers has to elect the new Chairman as K M Mani has resigned from the post subsequent to stepping down as the Kerala Finance Minister.
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A panel, headed by Chief Economic Adviser Arvind Subramanian, was set up in June this year to set a RNR.
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The ambitious goods and services tax (GST), which the NDA government is trying to push through, is not as revolutionary as is widely believed and its impact on economic growth, as proposed in its current form, will be mixed at best.
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One of the committees is being headed by the Chief Economic Advisor Arvind Subramaniam and its job will be to "recommend possible tax rates under GST, that would be consistent with the present revenue collection levels of states".
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For the first time after its formation, the 30-member select panel for the goods and services tax (GST) met with officials from the finance ministry yesterday and is slated to meet state and industry officials soon, sources have told CNBC-TV18.
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Post passing of the Bill in the Rajya Sabha, model legislations will have to be drafted and circulated for public comments, laws have to be formulated both by the Centre and the State and IT changes have to be made before GST can be introduced in India.
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In an CNBC-TV18 interview, Grant Thornton India's Amit Kumar Sarkar, KPMG's Santosh Dalvi and Deloitte's Prashant Deshpande discussed the government‘s move to refer the GST Constitutional Amendment Bill to a select panel and whether this may affect the government‘s rollout timeline.
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Rajeev Dimri, leader - indirect tax, BMR & Associates says multiple agencies can interpret the Bill in different ways. It is necessary to empower the GST council, he adds.
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As far as the compensation issue is concerned, KM Mani, chairman, state finance ministers panel on GST says discussions between the Centre and states are on and modalities are being worked on.
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The central sales tax will be subsumed into GST plus the original states rather than manufacturing states will also have the right to levy one percent additional tax in the initial two years.
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Is it so that the GST comes across as some sort of a magic wand which would, from day one of its implementation, bump up the country‘s growth rate from, say, a decent 6 percent to an impressive 8 percent?
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Inclusion of lucrative products such as alcohol and petroleum, mechanism for compensation loss and a decision on the revenue-neutral rate are issues that still need resolution for GST to be rolled out successfully.
