After a full day of brainstorming on rate fitment, the all-powerful GST Council concluded day one of the two-day meet in Srinagar with some basic rules in place. The agenda for this meeting is to allocate various goods and services across five slab rates, viz. 0%, 5%, 12%, 18% and 28% and provide the final tax rates for GST implementation.
After today’s meeting, the Revenue Secretary, Mr. Hasmukh Adhia said that,”Nearly 81 percent of the items will fall under below-18 percent GST rate slabs and only 19 per cent of the goods will be taxed above 18 percent.” This is also in keeping with what most of the industry watchdogs have already conveyed. It was a foregone conclusion that most of the goods and services will fall under the tax bracket of 18% so as not to throw the economy a curveball.