Following up from the meeting of the Goods and Services Tax council on May 18 and 19, Minister of State for Finance Santosh Gangwar said the stage is now set for the scheduled rollout of the GST Bill on July 1.
"After the meeting which took place in Srinagar last week, it is safe to say that GST will be levied across the country starting July 1," Gangwar told ANI.
Discussing the minutes of the meeting, Gangwar, while hailing the new tax regime to be an 'all-inclusive one', asserted that both vendors and consumers will benefit out of it.
"The bill has been drafted keeping collective development in mind. As of now, 32 taxes are being levied on commodities that are in circulation across the country. After the GST is incorporated, it will be a single replacement to these 32 taxes," he said.
On Friday, Union Finance Minister Arun Jaitley said the GST, which is to exempt the daily-use commodities from the levy, is going to be a more efficient and consumer-friendly taxation system.
"The four different rate slab for services are five percent, 12 percent, standard rate of 18 percent and luxury rate of 28 percent, out of which five percent mostly comprises of transport services," Jaitley said while addressing the media in Srinagar.
"GST in relation to the services sector was completely adopted in today’s meeting. Depending on the nature of service, there are various categorisations which have been made with a set of services, which have been exempted at present," Jaitley had
Image used for representational purposes only. Photograph: Reuters.
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