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GST Council meets to fit rates, states come up with wish-list

Press Trust of India  |  Srinagar 

The all-crucial meeting of the Council to fix rates for goods and services got under way here today, with states pitching for their preferred rates for select items.

The goods and services (GST) is slated for launch from July 1.



The two-day meeting of the Council, headed by Union Minister and comprising representatives of all states, is working on fitting most of the items in the 5, 12, 18 and 28 per cent template.

Minister Thomas Isaac made a case for 5 per cent on gold under instead of 1 per cent being demanded by some quarters as he felt that the precious metal is not an essential commodity.

Yogi Adityanath-led reportedly is seeking zero levy on 'puja samagri' instead of the proposed 18 per cent.

A few others are keen on only two rates for service -- 12 per cent and 18 per cent.

Minister Manpreet Badal said the fitment table will be decided in today's meeting. Deputy Chief Minister of Delhi Manish Sisodia has raised concerns over services that are to be brought under "because service delivery destination is vague and we should discuss this".

Also, fitment or rate for telecom and insurance sector will be decidedbetween today and tomorrow, he said.

favours fitment of rates in such a way that they are revenue neutral, which means it does not lead to either drop or rise in revenues of the government.

Kerala, Isaac said, "wants minimum of 5 per cent on gold". "It's a luxury product and price of gold has quadrupled in the last one decade," he said. "Gold is not an essential commodity. What is the principle or idea of being imposed on it at 1 per cent rate? It is not a commodity for the poor."

Host Jammu and Kashmir expects Rs 1,500 crore to Rs 2,000 crore in revenue from implementation of and may be the first state in the country to bring real estate within the ambit of

"This is the most important meeting because is to be decided and this is the concluding part of the Council," state Minister Haseeb Drabu said.

Stating that prices will come down for the common man under GST, he said importing state like Jammu and Kashmir will benefit.

"Our estimate is we will benefit Rs 1,500-2,000 crore in revenue on implementation... As Jammu and Kashmir enjoys special constitutional position, the state will bring some changes when it enacts its law to integrate its indirect regime with other states," he said, indicating that real estate in the state may be included in

"So, we will bring in some changes and we will try and introduce the Bill within 30 days in the state legislature," Drabu said.

Puducherry Chief Minister V Narayanasamy called for judiciously application of mind while deciding on rates so that "the common man is not burdened".

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

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GST Council meets to fit rates, states come up with wish-list

The all-crucial meeting of the GST Council to fix tax rates for goods and services got under way here today, with states pitching for their preferred rates for select items. The goods and services tax (GST) is slated for launch from July 1. The two-day meeting of the Council, headed by Union Finance Minister Arun Jaitley and comprising representatives of all states, is working on fitting most of the items in the 5, 12, 18 and 28 per cent template. Kerala Finance Minister Thomas Isaac made a case for 5 per cent tax on gold under GST instead of 1 per cent being demanded by some quarters as he felt that the precious metal is not an essential commodity. Yogi Adityanath-led Uttar Pradesh reportedly is seeking zero levy on 'puja samagri' instead of the proposed 18 per cent. A few others are keen on only two rates for service tax -- 12 per cent and 18 per cent. Punjab Finance Minister Manpreet Badal said the fitment table will be decided in today's meeting. Deputy Chief Minister of ... The all-crucial meeting of the Council to fix rates for goods and services got under way here today, with states pitching for their preferred rates for select items.

The goods and services (GST) is slated for launch from July 1.

The two-day meeting of the Council, headed by Union Minister and comprising representatives of all states, is working on fitting most of the items in the 5, 12, 18 and 28 per cent template.

Minister Thomas Isaac made a case for 5 per cent on gold under instead of 1 per cent being demanded by some quarters as he felt that the precious metal is not an essential commodity.

Yogi Adityanath-led reportedly is seeking zero levy on 'puja samagri' instead of the proposed 18 per cent.

A few others are keen on only two rates for service -- 12 per cent and 18 per cent.

Minister Manpreet Badal said the fitment table will be decided in today's meeting. Deputy Chief Minister of Delhi Manish Sisodia has raised concerns over services that are to be brought under "because service delivery destination is vague and we should discuss this".

Also, fitment or rate for telecom and insurance sector will be decidedbetween today and tomorrow, he said.

favours fitment of rates in such a way that they are revenue neutral, which means it does not lead to either drop or rise in revenues of the government.

Kerala, Isaac said, "wants minimum of 5 per cent on gold". "It's a luxury product and price of gold has quadrupled in the last one decade," he said. "Gold is not an essential commodity. What is the principle or idea of being imposed on it at 1 per cent rate? It is not a commodity for the poor."

Host Jammu and Kashmir expects Rs 1,500 crore to Rs 2,000 crore in revenue from implementation of and may be the first state in the country to bring real estate within the ambit of

"This is the most important meeting because is to be decided and this is the concluding part of the Council," state Minister Haseeb Drabu said.

Stating that prices will come down for the common man under GST, he said importing state like Jammu and Kashmir will benefit.

"Our estimate is we will benefit Rs 1,500-2,000 crore in revenue on implementation... As Jammu and Kashmir enjoys special constitutional position, the state will bring some changes when it enacts its law to integrate its indirect regime with other states," he said, indicating that real estate in the state may be included in

"So, we will bring in some changes and we will try and introduce the Bill within 30 days in the state legislature," Drabu said.

Puducherry Chief Minister V Narayanasamy called for judiciously application of mind while deciding on rates so that "the common man is not burdened".

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

image
Business Standard
177 22

GST Council meets to fit rates, states come up with wish-list

The all-crucial meeting of the Council to fix rates for goods and services got under way here today, with states pitching for their preferred rates for select items.

The goods and services (GST) is slated for launch from July 1.

The two-day meeting of the Council, headed by Union Minister and comprising representatives of all states, is working on fitting most of the items in the 5, 12, 18 and 28 per cent template.

Minister Thomas Isaac made a case for 5 per cent on gold under instead of 1 per cent being demanded by some quarters as he felt that the precious metal is not an essential commodity.

Yogi Adityanath-led reportedly is seeking zero levy on 'puja samagri' instead of the proposed 18 per cent.

A few others are keen on only two rates for service -- 12 per cent and 18 per cent.

Minister Manpreet Badal said the fitment table will be decided in today's meeting. Deputy Chief Minister of Delhi Manish Sisodia has raised concerns over services that are to be brought under "because service delivery destination is vague and we should discuss this".

Also, fitment or rate for telecom and insurance sector will be decidedbetween today and tomorrow, he said.

favours fitment of rates in such a way that they are revenue neutral, which means it does not lead to either drop or rise in revenues of the government.

Kerala, Isaac said, "wants minimum of 5 per cent on gold". "It's a luxury product and price of gold has quadrupled in the last one decade," he said. "Gold is not an essential commodity. What is the principle or idea of being imposed on it at 1 per cent rate? It is not a commodity for the poor."

Host Jammu and Kashmir expects Rs 1,500 crore to Rs 2,000 crore in revenue from implementation of and may be the first state in the country to bring real estate within the ambit of

"This is the most important meeting because is to be decided and this is the concluding part of the Council," state Minister Haseeb Drabu said.

Stating that prices will come down for the common man under GST, he said importing state like Jammu and Kashmir will benefit.

"Our estimate is we will benefit Rs 1,500-2,000 crore in revenue on implementation... As Jammu and Kashmir enjoys special constitutional position, the state will bring some changes when it enacts its law to integrate its indirect regime with other states," he said, indicating that real estate in the state may be included in

"So, we will bring in some changes and we will try and introduce the Bill within 30 days in the state legislature," Drabu said.

Puducherry Chief Minister V Narayanasamy called for judiciously application of mind while deciding on rates so that "the common man is not burdened".

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

image
Business Standard
177 22