GST rollout from July 1, don't be misled by delay rumours: government

Anti-graft volunteers to provide proof against Kejriwal Kapil Mishra

3 per cent was agreed upon along with a view to consider raising the rate to 5 per cent in the coming years, they said.

However, some select medicines such as insulin will see a reduction in prices with the government revising GST rate downwards to 5 percent from 12 percent proposed earlier.

Weeks before Goods and Services Tax (GST) rolls out, Future Retail has been working with vendors and its partners to ensure "no disruption" in supply chain in the indirect tax regime, a top company official said on Tuesday.

With regard to some of the speciality textile fabrics, that remain under the 12 % slab, Mr. Thulasidharan said this would be unsustainable. And you are going to start GST from July 1. Jaitley's remark came after West Bengal Finance Minister Amit Mitra had raised serious doubts over the possibility of GST roll out from July one saying that the Goods and Services Tax Network (GSTN) was not ready to handle the large volumes of forms that would be received. Similarly, 50% of items-including foodgrain and articles of daily use-have been exempted of GST.

The retailers' body is also taking three key concerns to the government, relating to display of GST rates on goods, home delivery charges, and GST on packaged staples. This has been provisioned under the GST Act where GST Council has been given the power to recommend for the refund of unutilised credit under inverted duty structure case.

The Kannada film industry has demanded that they be put in the lowest tax bracket of 5 percent.

In the previous meeting of the GST council held on June 11, state Finance Minister D. Jayakumar re-iterated that the council must look into the rates of the entertainment sector, adding that the high rates can be detrimental to the respective sectors.

Thulasidharan has welcomed the announcement made by finance minister Arun Jaitley and GST Council on revision of GST rates on job work of textile yarn and fabric manufacturing activity from 18 to 5 per cent.

He explained that this would now help SMEs of powerloom, knitting and processing sectors not to face much financial burden. However, tax on making charges of jewellery was kept at 18 per cent.

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