GST Council might keep single tax rate for each product group for simplicity

Updated on: Dec 20th, 2024

|

1 min read

Updates from 17th April, 2017

The GST Council will meet on 18-19 May to finalise the tax rates for individual goods and services. Experts, however, are of the opinion that there will not be variable tax rates within a product group as it will further complicate the tax system. Currently, VAT rates differ on the same product across states, which is a huge pain for traders.

Uniformity in tax rates will also keep classification disputes and other litigations at bay. Industry leaders and tax experts, therefore, hope that the Council will rule in favour of uniform tax rates for particular HSN codes, and not levy tax on the MRP of the commodity.

As reported in The Economic Times

Browse by topics
Income Tax e-Filing
Income Tax Calculator
Income Tax Slabs FY 2024-25
Old vs New Tax Regime
How To File ITR
New Tax Regime
Which ITR Should I File
Last Date To File ITR For 2024-25
Income Tax Sections & Deductions
Income Tax Refund
Capital Gains Income
TDS
PF Balance Check
Form 26AS
Advance Tax
Related articles
Goods and Services Tax: What is GST in India? Indirect Tax Law Explained
GST Rates in India 2024 - List of Goods and Service Tax Rates, Slab & Revision
All about Reverse Charge Mechanism (RCM) under GST
GST State Code List and Jurisdiction
Section 17(5) of CGST Act - Blocked Credit Under GST
Late Fees and Interest on GST Returns
What is SGST, CGST, IGST and UTGST?
GST Registration Online: Documents Required, Limit, Fees, Process, Penalty
GST Return - What is GST Return? Who Should File, Due Dates & Types of GST Returns
GSTR-1 Filing: Due Date, Format, Late Fees, Eligibility & Rules
GSTR-3B: Due Date, Late Fee, Format, Return Filing, Eligibility, Rules
GSTR-9 Annual Return: Due Date, Applicability, Turnover Limit, Format, Eligibility, Rules
GST Login – How to login GST portal (www.gst.gov.in) online in India
GST Composition Scheme: Rules, Turnover Limit, Rate, Benefits
Goods Transport Agency under GST
Time, Place and Value of Supply in GST
GST Penalties and Appeals
Important GST Dates and GST Calendar 2024-25
Invoicing Under GST
Popular articles
What is Invoice Management System (IMS) under GST: Key Features, Benefits & How Does It Work
What is B2C e-Invoicing: Applicability, Date, Requirements, Limit, Examples
Impact of GST on Rent: GST on House Rent and Commercial Property Rent
GST on Gold: GST Rate on Gold Purchase, Jewellery, Coins, Biscuit & Bar
GST on Laptops: Applicability, HSN Code and GST Rate
GST on Mobile Phones: Applicability, HSN Code and GST Rate
GST on TV in India: HSN Code and GST Rate for LED Televisions
GST on Health Insurance: Applicability, HSN Code and GST Rate
GST on Construction Services and Materials: Applicability, GST Rate and HSN Code
55th GST Council Meeting Highlights: Updates, Outcome, Press Release and Latest News
You might be interested in
GST Number Search Online - Taxpayer GSTIN/UIN Verification
GST Number Search by Name | GSTIN Verification Online
GST Number Search by PAN: Guide to GST Search by PAN
Pin to Pin Distance - How to Calculate Distance Between Two Pin Codes for e-Way Bill
GST Calculator Online
Clear Logo
Follow us on
FacebookTwitterLinkedInGitHubInstagram
Have a query?
Support
Company
About us
Contact us
Careers
Media & Press
User reviews
Engineering blog
Clear Library
FinTech glossary
ClearTax Chronicles
GST Product Guides
Trust & Safety
Cleartax(Saudi Arabia)

Clear offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. Clear serves 1.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India.

Efiling Income Tax Returns(ITR) is made easy with Clear platform. Just upload your form 16, claim your deductions and get your acknowledgment number online. You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing.

CAs, experts and businesses can get GST ready with Clear GST software & certification course. Our GST Software helps CAs, tax experts & business to manage returns & invoices in an easy manner. Our Goods & Services Tax course includes tutorial videos, guides and expert assistance to help you in mastering Goods and Services Tax. Clear can also help you in getting your business registered for Goods & Services Tax Law.

Save taxes with Clear by investing in tax saving mutual funds (ELSS) online. Our experts suggest the best funds and you can get high returns by investing directly or through SIP. Download Black by ClearTax App to file returns from your mobile phone.

Cleartax is a product by Defmacro Software Pvt. Ltd.

Privacy PolicyTerms of use

ISO

ISO 27001

Data Center

SSL

SSL Certified Site

128-bit encryption