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Bihar, Jharkhand, Telangana, Rajasthan and Chhattisgarh show green flag to GST Bill

Updated: Apr 29, 2017 12:48:35pm
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Bihar, Jharkhand, Telangana, Rajasthan and Chhattisgarh show green flag to GST Bill

New Delhi, Apr 29 (KNN) With the GST getting final nod by the President at the Centre earlier this month, the States across the country are in the process of passing the bill in the State Legislative Assembly. As of now five states - Bihar, Jharkhand, Telangana, Rajasthan and Chhattisgarh have already passed the State GST Bills.

Also various other states have called for special sessions in May to introduce and pass the bills in their respective states. The GST council have appealed the States to do so by one month from now i.e. by the end of May.

Also there are talks over the rate structure. The GST council in November last year formulated the slab rates for goods. The 5-Tier rate structure of 0 per cent, 5 per cent, 12 per cent, 18 per cent and 28 per cent, also cess will be imposed on certain products

As of now rates for services haven’t been officially listed, but there are expectations of a 2-tier rate structure for this sector. Hasmukh Adhia Revenue secretary in a press meet earlier this week hinted towards two slab rates for services saying that it is not possible to classify all sort of services within standard rate of 18 per cent  He also mentioned that industries such as transportation may face lower tax rate.

The next meeting of the GST council is scheduled on 18th and 19th May in Srinagar. The key focus of the meeting would be to finalise tax rates on different goods and services. The GST is expected to roll out from July 1, though it is yet to be announced officially

(KNN/ DA)

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