"It is change in tax regime itself".
Products like hair oil, soaps and toothpaste will become cheaper as these products would be taxed at 18 per cent instead of the current overall tax incide-nce of 22-24 per cent. Daily-use items like sugar, tea, coffee and edible oil will attract the lowest tax rate of five per cent, nearly the same as current incidence.
"It's a luxury product and price of gold has quadrupled in the last one decade", Isaac said. The rates fixed will be charged from July 1, the scheduled date for rolling out GST. The tax slabs have been decided for over 80 per cent of the items in the technical committee meeting.More news: Anthony Weiner to plead guilty to obscenity charge
Kerala favours fitment of tax rates in such a way that they are revenue neutral, which means it does not lead to either drop or rise in tax revenues of the government. "It is not a commodity for the poor".
"However, as we have a special constitutional position, we will try and make some changes", Drabu told reporters on the sidelines of the 14th meeting of the GST council at the SKICC in Srinagar.
This is the first time an important national policy-making meet in being held in Jammu and Kashmir. Total debt for the sector is at around Rs 4.5 lakh crore, while revenues are around than half this.More news: Ex-French PM Valls Wants to Be Majority Candidate at Legislative Election
Jammu and Kashmir Finance Minister Haseeb Drabu is reported to have said, "We could look at agreements that the GST council is expected to reach during its consultations as a "Srinagar Declaration".
Mumbai, May 19 The Indian Beverage Association (IBA) today urged the government to reconsider a lower rate of cess in GST rates on aerated drinks stating that the category's effective tax rate of 40 per cent would impact the industry's growth. However, with 12 or 18 per cent tax, services are expected to get more expensive.
At present, there are 17 items in the negative list of services on which service tax is not levied.More news: Senate panel chairman: Flynn won't honor subpoena
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