State, Central Government Officials To Firm Up GST Rates By May 6

States & Central Govt to fix GST Rates by May 6

The committee tasked to fit rates of items under the Goods and Services Tax (GST) regime will meet on Friday and Saturday to finalise GST rates for individual items, a senior finance ministry official told BloombergQuint.

Once the committee comprising state and central government officials fixes rates, these will be tabled before the GST Council in its next meeting on May 18-19. The council will then take a final call on individual rates for different commodities.

Central Board of Excise and Customs (CBEC) Chairman Vanaja Sarna had told BloombergQuint in an interview that the rates on precious metals will be decided after rates on all other items are finalised.

According to the official cited above, the GST Council will also decide exemptions to be given to specific industries.

Some working groups set up by the CBEC to address sector-specific concerns have submitted their report, while some are yet to submit their reports, the official added.

All these reports will be submitted before the council’s next meeting, which will then decide whether certain industries will get exemptions in the new indirect tax regime, the official said.

The apex indirect tax body was also instructed by the Prime Minister’s Office
to follow certain parameters while fixing GST rates closer to the existing tax rates, another senior finance ministry official told BloombergQuint.