Published: Sat, May 20, 2017
Money | By Armando Alvarado

GST Council meet from Thursday to fix rates on goods, services

GST Council meet from Thursday to fix rates on goods, services

Patnaik further said that the enactment of the State Goods and Services Tax will mark the beginning of a journey.

He said as a member of the GST council, Odisha had been actively participating in the design of the legislation.

With the GST, India will join select league of nations with a goods and service tax. China implemented GST in 1994 while Russian Federation did it in 1991.

"A three-day session of the Tripura Assembly would begin from May 23 to pass the State Goods and Services Tax Bill", Deputy Speaker Pabitra Kar told IANS in Agartala.

"GST will bring about comprehensive reform of the indirect tax regime in the country and a major financial reform to make India a single market", Patnaik said.

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These items at present attract 22-24 per cent tax incidence through a combination of central and state government levies. "We are sure that it would benefit both the consumers and the business community and help the economy to grow", said National Academy of Customs Excise and Narcotics (NACEN) Director General and GST expert PK Das.

Telcos, according to the group, have already initiated the registration process involving migration to the GST regime while a clarity, according to it is still needed on certain aspects and GST deployment is highly dependent on IT compatibility and requires sufficient time. However, the government is yet to decide the GST rate for branded cereals. The Centre was conducting outreach efforts and training programmes, he said.

As per estimates, the GST is expected to shore up government revenue and spur economic growth by 1-2 percentage points.

Just like the GST Network rates vendors on the basis of their compliance, firms must also internally rate vendors, Mr. Prasad said.

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