Almost 81 per cent of products under the GST would be charged below the 18 per cent bracket, said Revenue Secretary Hasmukh Adhia. "We are extremely disappointed with the GST rate decision as it will make telecom services costlier for the consumer, reduce voice and data consumption levels, which in turn, will hit telco bottomlines in the coming quarters".
Jaitley is hopeful that the GST Council will be able to reach a consensus to finalise the list of exempted items on Friday, including tax rate of gold and bidi. The GST rate on coal has been fixed at 5 per cent, down from 11.69 per cent of tax now charged.
The special session will discuss state GST Bill and amendment to the Odisha Value Added Tax (VAT), said a notification.
With the GST, India will join select league of nations with a goods and service tax.
In a statement, KEA Chairman Farooq Dar said holding GST council meet in Srinagar is a well-hatched plan of the government of India to implement the tax regime in the State.
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The GST is a destination-based single tax on the supply of goods and services from the manufacturer to the consumer and is one indirect tax for the entire country.
These items at present attract 22-24 per cent tax incidence through a combination of central and state government levies.
Considering the massive impact of GST the operators have already initiated the registration process involving migration to the GST regime, the COAI said. However, the government is yet to decide the GST rate for branded cereals. This would significantly bring down the list of "zero tax" products.
Just like the GST Network rates vendors on the basis of their compliance, firms must also internally rate vendors, Mr. Prasad said.
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