Setting the stage for rollout of goods and services tax (GST) from July, the Centre and states on Thursday decided on rates for specific products which may lead to lower prices for a majority of products of mass consumption. Rates on 1,211 items were finalised by the GST council with 81% facing a levy of up to 18%. "There is no increase (in burden) on any commodity. On many commodities, there is a reduction in tax rates and tax-on-tax will also go away, lowering the burden," finance minister Arun Jaitley said.
Setting the stage for rollout of goods and services tax (GST) from July, the Centre and states on Thursday decided on rates for specific products which may lead to lower prices for a majority of products of mass consumption. Rates on 1,211 items were finalised by the GST council with 81% facing a levy of up to 18%. "There is no increase (in burden) on any commodity. On many commodities, there is a reduction in tax rates and tax-on-tax will also go away, lowering the burden," finance minister Arun Jaitley said.
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