In the next big step towards implementing the GST Bill from April 1, 2017 the union cabinet today approved setting up of a GST council which will fix rate of the single tax that will replace a slew of indirect taxes across the nation.
Notably the bill had also got the nod from President Pranab Mukherjee last week. In a release the government has said that the first meeting of GST council, which will have finance ministers from states as its members will be chaired by Union Finance Minister Arun Jaitley and it will take place on September 22 and 23.
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The council will decide the tax rate. Opposition parties are united in demanding that the tax rate should be 18 percent, whereas the states want it closer to 20 percent to increase its revenues.
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