GST Meet on First Day Inconclusive on Six Categories of Goods – Discussions on these and Service Tax Rates will be taken up tomorrow – Another Round of GST Council likely in Future to Conclude Rates

Live from Srinagar

By Arun Goyal

· GST council refers transition arrangement rules to legal committee for opinion in one week

· Ministers stuck on six categories in goods section. To be taken up tomorrow.

· HS to be used. Fitment only in 1211 HS four digit code according to different GST slabs.

· Each state government puts up own list for exemptions

· FM not optimistic on conclusion of GST rates. Another GST council meet on the anvil

· Lower standard rate 12 percent, 18 percent will have 43 percent of all items

· Cereals exempt.

· Coal at five percent. Existing duty 11 percent

· No increase in tax.

· Reduction due to removal of cascading effect.

· Milk exempt.

· Packaged and branded goods fate yet to be decided.

· Capital goods and industrial goods will go to 28 percent?

· Luxury goods will attract compensation tax also.

· Finance minister looking very harassed besides GST, he is also handling army. And the ICJ ruling on Jadhav.

· Material on website tomorrow, according to Shashank Priya

· Bio diesel to be taken tomorrow