The GST (Goods and Services Tax) Council has cleared the pending rules, including transition provisions and returns, with all the States agreeing to the July 01st 2017 rollout of the tax. Transition rules have been cleared and everybody has agreed for a July 1 rollout,” according to Kerala Finance Minister Thomas Isaac.
The GST Council last month fitted over 1,200 goods and 500 services in the tax brackets of 5, 12, 18 and 28 per cent. Union Finance Minister Arun Jaitley has chaired the 15th meeting of the GST Council, which is scheduled to decide on the tax rate of six items, including gold, textiles and footwear.
Static Takeaways for RBI Grade-B Phase-1 Exam-
- GST is one indirect tax for the whole nation, which will make India one unified common market.
- In 2003 the Kelkar Task Force on indirect tax had suggested a comprehensive Goods and Services Tax (GST) based on VAT principle.
Source- The Hindu