Weeks before India ushers in the Goods and Services Tax or GST regime – billed as the biggest tax reform to create a uniform market in India – the powerful GST council cut tax rates for 66 items. Finance Minister Arun Jaitley announced the revised GST rates on Sunday.
“A total of 133 representations were made to lower taxes for different categories of goods and commodities. The council has lowered the tax rates for 66 items,” Mr Jaitley told the media after the 16th meeting of the GST council that includes all the state finance ministers.
Arun Jaitley confirmed that he has conducted 40 meetings with all state finance ministers to fix the rate of different commodities. Now that the major meetings are over, next week we have a meeting where we will decide whether GST is required or not. That will be a minor question. If my colleagues at state level believe that GST is not required then we will not implement it, but if they believe that it is required than other 30 meetings are planned for the next 6 months. Once all the meetings are over, we will conduct one more meeting to discuss about what was discussed in the previous meetings.