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