May 22 | 01:25 IST
|Home » BIZ WRAP» Economy and Politics » Story|
|GST Council Meet: Mobile bills, cigarettes to become expensive; cars, motorcycles may get cheaper|
| BT Online |
Thursday, May 18, 2017 | 15:22 IST
The two-day GST Council meet which will decide fitment of commodities in various tax slabs under the Goods and Services Tax has begun in Srinagar. The key GST Council meeting will see the states pitching for their preferred rates on select items.
Apart from Union Finance Minister Arun Jaitley, who is chairing the GST Council meet, finance ministers of 29 states and three union territories who will hold the final deliberations on the biggest tax reform since independence, the Goods and Services Tax (GST).
The GST Council had earlier agreed on a four-tier tax structure -- 5, 12, 18 and 28 per cent -- along with a cess on luxury and sin goods such as tobacco, pan masala and aerated drinks. The cess will be used to compensate the states for revenue loss arising out of the GST implementation in first five years.
The rates fixed during the meet will be charged from July 1, the scheduled date for rollout of GST which is also India's biggest tax overhaul since independence.
Here's what could get cheaper and costlier after the implementation of GST in July:
More from BIZ WRAP