It’s almost final. The GST rate may be around 18%

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As the NDA government is hopeful of passage of GST bill in the Winter Session of the parliament, it is likely that 18% or below rate will be decided upon.

A key panel on Goods and Services Tax bill, headed by Chief Economic Adviser Arvind Subramanian, is likely to recommend a rate around 18%.

GST will replace a host of central and state indirect taxes on goods along with services tax. After its passage, it is likely to give push of the country’s Gross Domestic Product (GDP) by 1-2%.

“The rate in the range of 17-18% is a welcome suggestion as any rate above this would not be desirable. Also, it is imperative that goods and services are not taxed at different rates or else it may not solve multiple issues currently being faced under indirect taxes, leading to double taxation,” Anita Rastogi, partner-indirect tax at PwC, told ET.

However, the final nod on the GST rate will be taken by the GST council.

Now it is to see whether the Opposition will led the smooth passage of the GST bill or not as the Indian government is trying to coax all parties as it lacks numbers in the Rajya Sabha.

Source: http://www.businessinsider.in/Its-almost-final-The-GST-rate-may-be-around-18/articleshow/49904460.cms

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