Union Finance Minister Arun Jaitley assured that there won’t be any ‘surprises’ in the tax rates under the upcoming Goods and Services tax Regime that is expected to roll out from July 1.
He also said that there will be no ‘cascading’ in goods and commodities.
The Finance Minister was talking to media during the three day official visit to Japan to participate in the Annual Meeting of Board of Governors of the Asian Development bank.
He further informed that the GST council is working on fixing the rates and there is no need to fear of any surprise as the existing tax level is being taken into consideration and the council is doing efforts to fit them close to that bracket. He also said that service tax may increase a little while on goods and commodities it might come down minutely, this will balance the situation.
The finance Minister also hinted that the GST is likely to be rolled-out by July 1st as expected since States are actively approving the State GST Bills in their respective assemblies.
Jaitley also ruled out the probability of imposing tax on agriculture saying that it falls under state subject and also it is impossible for the Centre to impose such tax.