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GST Council to meet in Srinagar today

ANI  |  Srinagar (Jammu and Kashmir) [India] 

The Goods and Service (GST) Council will meet in on Thursday to deliberate on rates on commodities and services. This will be the 14th meeting of the council and will be held at the Sher-i-Kashmir International Conference Centre.

The meeting will be chaired by Minister Arun Jaitley. It will be attended by ministers of all states and union territories.

It is expected that the meeting will deliberate and decide on the rates that will apply to various goods and services that have a bearing on the general public.

The next two days will see the council fitting most of the goods and services in the 5, 12, 18 or 28 per cent tax bracket.

The new rates fixed by the council will be charged from July 1, the scheduled date for rollout of

The tax rates will be decided in a fashion to keep their impact on as well as revenues to the near neutral.

The will be a national sales tax that will be levied on consumption of goods or use of services.

It will replace 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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 18 2017. 12:22 IST