The Goods and Services Tax (GST) Council, the apex decision-making body for the new federal indirect tax system, held a two-day summit meeting in Srinagar, at which most tax rates under the new regime were decided. A few particularly contentious items, including gold and textiles, were postponed to another meeting to be held in early June. Time is short, as the government has determined the GST will be rolled out starting July 1, and it is therefore welcome that so much progress has been made. For the first time, there is some understanding of the burden of the new tax.
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