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Jaitley said care will have to be taken to ensure that

The Finance Minister said 12 meetings of the GST Council, having 32 representatives from States and Union Territories, were held to ensure consensus on the recommendations for the roll out of the GST regime.

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the various provisions in the GST bills are not misused.

The Finance Minister said 12 meetings of the GST Council, having 32 representatives from States and Union Territories, were held to ensure consensus on the recommendations for the roll out of the GST regime.

He said the GST council will make recommendations to the Centre and the States on issues relating to the tax structure.

"It is a kind of federal contract with consensus," he said.

Jaitley said GST will bring in a new dynamism in the tax system and ensure free movement of goods across the country.

He termed the tabling of the bills in Parliament as an important milestone in the implementation of the GST.

The Finance Minister also explained about various tax slabs under the GST.

The GST Council has already approved four-tier tax slabs of 5, 12, 18 and 28 per cent plus an additional cess on demerit goods like luxury cars, aerated drinks and tobacco products. The work on putting various goods and services in the different slabs is slated to begin next month.

The Compensation Law provides for levy of cess on top of the peak rate of approved tax (28 per cent presently) on paan masala, tobacco, aerated waters, luxury cars and coal to create a non-lapsable fund for compensating states.

 

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)

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