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GST Policy.pdf

GST rates could be known today: GST council's meet begins in Srinagar on Business Standard. In its previous meetings, the council had decided on a four-tier tax structure of 5, 12,18 and 28%<br>

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GST Policy.pdf

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  1. GST rates could be known today: GST council's meet begins in Srinagar GST rates could be known today: GST council's meet begins in Srinagar on Business Standard. In its previous meetings, the council had decided on a four-tier tax structure of 5, 12,18 and 28%

  2. Policy News :- The tax that 1.3 billion Indians will pay on buying salt to luxury cars and on services like phone calls to dining out will be decided at the Goods and Services Tax (GST) Council meeting starting on Thursday in Srinagar, where a tight security cover has been thrown in view of recent protests. Srinagar has been chosen as the venue for this crucial GST Council meeting, which will have in attendance Union Finance Minister Arun Jaitley and his ministry officials as well as representatives of 29 states and union territories, to send out possibly a message to the people of Jammu and Kashmir on the importance it holds for the country. The Council over the next two days will fit most of goods and services in either 5, 12, 18 or 28 per cent tax bracket. The rates thus fixed will be charged from July 1, the scheduled date for the rollout of GST -- India's biggest tax overhaul since independence.

  3. The GST will be a national sales tax that will be levied on consumption of goods or use of services. It will replace 16 current levies -- seven central taxes like excise duty and service tax and nine state taxes like VAT and entertainment tax -- thereby creating India as one market with one tax rate. Jaitley had earlier this month expressed confidence of the GST Council arriving at tax rates in the May 18-19 meeting. Around 1,000 security personnel will be pressed into service for sanitising the conference venue and the hotels the officials will be staying. Another 400 men will be deployed for the security of the delegates, state police official said. The holding of the meeting in Srinagar is not just the Centre's initiative but many of the states too had demanded way back in February that the Council should meet in Jammu and Kashmir when it decides the tax rates, official sources said. READ MORE

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