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GST Council summit: Major tax rate to be finalised today

GST Council summit: Major tax rate to be finalised today

New Delhi: The major three-day meeting of Goods & Services Tax (GST) Council will begin on Tuesday, where a decision is surely to be taken on tax rate. The GST Council is also likely to sort out issues like compensation formula for rollout of the fresh indirect tax regime from April 1, 2017.

With the finance ministry setting 22nd Nov as the deadline for building agreement on all the issues in the Council, the upcoming meet is significant as it will decide on the most major aspect of tax rate that will have a bearing on the common man.

The GST Council meeting will also deliberate on the difficult issue of the Centre retaining power to assess 11 lakh service tax filers under the new dispensation.

While a decision to this effect was taken at the first meet of the GST Council, at least two states fluctuate on approving the minutes of the conference, saying they are not in favour of losing power of assessment of these assessees.

The GST Council had confirmed area-based reliefs and how 11 states, mostly in the North-East and hilly regions, will be regarded under the new tax rule.

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