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As country Gears up for implementation of good and services tax cores of people in this country are expecting cheaper goods and commodities. In the crucial meeting held at Srinagar yesterday the GST council finalized the rates and new rate will be implemented from July 1.
The GST Council still has a lot of work to do as rates of items like biscuits, footwear, gold, textiles, handloom handicraft, power-driven agricultural equipment are yet to be decided.
The GST Council discussed the tax rates for thousands of commodities which have to be grouped in seven categories of taxes – 0 per cent, 5 per cent, 12 per cent, 18 per cent, 28 per cent, special category and luxury items category.
Currently 299 items are on the exempt list from taxes at the central level and 99 in states. While the states demanded that several items of daily use in their region should be add to the free-from-taxes category the centre wanted to keep the list restricted to 100-odd items.