In Key GST Meet Held In Kashmir, Government's Political Message

Mumbai, May 19 The Indian Beverage Association (IBA) today urged the government to reconsider a lower rate of cess in GST rates on aerated drinks stating that the category's effective tax rate of 40 per cent would impact the industry's growth.

While Yogi Adityanath-led Uttar Pradesh reportedly is seeking zero levy on "puja samagri" instead of the proposed 18 per cent, Kerala's 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, reported PTI.

The GST council meet is being attended by Union Finance Minister, Arun Jaitely and finance ministers of all the states and top officials of the country.

Ahead of the introduction of the State Goods and Service Tax (GST) Bill in the Odisha Assembly, Chief Minister Naveen Patnaik on Wednesday said GST was a major financial reform which would transform the country into one single market. The two-day meet could be the last meeting before the rollout of the indirect tax regime in July. He sought more time for the lawmakers to study the bills before holding a discussion on the subject.

The tax rate which is closest to the present incidence of tax on a good or service will be chosen with a view to keeping the shift from the present regime of excise duty plus VAT or service tax to GST regime-neutral for consumers. Total debt for the sector is at around Rs 4.5 lakh crore, while revenues are around than half this.

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As the dignitaries arrived, Jammu and Kashmir finance minister Haseeb Drabu told reporters that the GST will benefit the common man.

As of now there are over 17 items that are placed in the negative list of services.

GST, among other things, will eliminate tariff barriers between states and economically unify India.

Drabu said the historic meeting will make Jammu and Kashmir part of the economic history aimed at reordering the countrys federal polity.

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