The Goods and Service Tax (GST) Council headed by Finance Minster Arun Jaitley is scheduled to meet in Srinagar today and deliberate on the tax rates for commodities as well as services. The meeting shall be held at the Sher-i-Kashmir International Conference Centre with Finance Ministers of all the 32 states and Union Territories attending it.
This is the 14th meet of the GST council and will discuss and decide on the tax rates on the different goods and services that have a direct impact on the public at large.
GST shall be a national sales tax that will apply on consumption of goods or utilization of services. The new tax regime shall do away with tariff barriers across states and unify whole of India economically.
GST slated to be rolled out from July 1 is the biggest taxation reform in the history of Indian economy. 4 slab rates of 5%, 12%, 18% and 28% have already been decided upon and now the council shall decide the rates that shall apply to different goods and services.
The decision in respect of the GST tax rates shall be taken in a manner such that its effect on revenue stream for the government as well as inflation is near neutral.
Greater Kashmir is quoted in one of the reports saying "This is the first time when such a major policy decision would be taken in Srinagar in past six decades".