Wednesday, 18 October, 2017

FM to chair GST Council meet in Srinagar on Friday

Odisha Chief Minister Naveen Patnaik Odisha Chief Minister Naveen Patnaik
Laurie Berry | 20 May, 2017, 02:56

The GST Council concluded its latest round of meetings on Friday with the decision to apply the same four tax rate slabs for services as for goods, exempting, however, healthcare and educational services from the purview of the GST.

Holding of the meeting in Srinagar is not just the Centre's initiative but numerous 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.

Telecom group COAI (Cellular Operators Association of India) Friday said that 18% of levy under the new GST (Goods and Service Tax) will make telecom services costlier for consumers.

President Trump says special counsel in Russian Federation investigation 'divides the country'
Mark Warner, the top Democrat on the Senate Intelligence Committee, said he is determined to press forward with public hearings. He said he respected the special counsel appointment but also said it "hurts our country terribly".

A workshop on GST was held for legislators ahead of the two-day special session scheduled to begin on Thursday. It is a major financial reform which would transform the country into one single market. "We are sure that it would benefit both the consumers and the business community and help the economy to grow", said National Academy of Customs Excise and Narcotics (NACEN) Director General and GST expert PK Das.

"As an essential service, the telecom industry needs some benefits and tax relaxation in order to provide a seamless and hassle-free service", Mathews added. "The GST law will boost the country's GDP growth by 2 per cent". "Total revenue collected in 2015-16 by a state has been taken as the base year".

Even the World Bank has said a smooth implementation of the GST could prove to be a significant push to economic activity as growth could pick up to 7.2 per cent in 2017-18 and further to 7.5 per cent in 2018-19. "It is a no gain no loss situation for us although we had asked the Finance Minister to classify edible oil in zero tax category", he said.

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