GST is major financial reform

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The decisions taken at the GST Council meeting will be spelled out by Arun Jaitley at a press conference on Saturday.

The GST council has recently fixed a tax rate of 18% on mobile and financial services, while exempting education and healthcare from GST levy.

Since then Germany, Italy, the UK, South Korea, Japan, Canada and Australia have been among the over a dozen nations which have implemented the GST.

The meeting will last for two days during which the participants will decide on tax bands for various commodities under the country's first major indirect tax reform.

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A day before introduction of the State Goods and Service Tax Bill in the Odisha Assembly, Chief Minister Naveen Patnaik on Wednesday said GST was a major financial reform which would transform the country into one single market.

Smalls cars will be charged one per cent cess on top of 28 per cent tax, while mid-sized cars will attract three per cent cess and luxury cars 15 per cent on top of peak rates.

Even the World Bank has said a smooth implementation of the GST could prove to be a significant push to economic activity as growth could pick up to 7.2 per cent in 2017-18 and further to 7.5 per cent in 2018-19.

Considering the massive impact of GST the operators have already initiated the registration process involving migration to the GST regime, the COAI said.

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Dar said the business community and the people would fight tooth and nail to oppose GST implementation in the State.

According to industry sources, at present the ayurvedic medicines and products have a total tax incidence of 8-9 per cent depending on items.

Consumers stand to gain from the GST rates announced for daily consumption items which will also help keeping a check on prices, Consumer Affairs Minister Ram Vilas Paswan said on Friday.

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