GST rates announced: Milk, cereals to be exempted, foodgrains to turn cheaper

Ivan Schwartz
May 20, 2017

Kashmir Economic Alliance (KEA) has expressed concerns over the GST council meet to be held in Srinagar from May 19.

The move to increase tax rate on such items runs contrary to the government's efforts of promoting traditional Indian alternative medicine.

Patnaik further said that the enactment of the State Goods and Services Tax will mark the beginning of a journey. It will replace 16 current levies - seven central taxes like excise duty and service tax and nine state taxes like VAT and entertainment tax - thereby creating India as one market with one tax rate.

With the GST, India will join select league of nations with a goods and service tax.

The country would have a unified market for goods and services and the Gross Domestic Product (GDP) would be upped by 2 per cent following implementation of the proposed Goods and Services Tax (GST) system, viewed experts who attended a workshop on GST held here on Wednesday.

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Telcos, according to the group, have already initiated the registration process involving migration to the GST regime while a clarity, according to it is still needed on certain aspects and GST deployment is highly dependent on IT compatibility and requires sufficient time.

Tripura Finance Minister Bhanulal Saha said that passing of the State GST Bill was mandatory for rollout of the new indirect tax regime.

"Any rate beyond the existing 15% makes the telecom services more expensive for the consumer", COAI director general Rajan Mathews in a statement said, adding that telecom industry hails GST as an iconic reform but was disappointed with the announced rate of 18%.

The exemption list is supposed to include common use items like salt, primary produce, fruits and vegetables, flour, salt, milk, eggs, tea, coffee and prasad sold at temples.

He said GST has to be passed through State assembly and also endorsed by the people before it is implemented here.

Other reports by GizPress

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