The state finance ministers are likely to finalise the
rates for goods and services tax (GST) at the meeting of
the empowered committee scheduled for January 7, said
Jammu and Kashmir finance minister Abdul Rahim Rather
here today.
"Rates may be decided...We are working on the
revenue neutral rate and it would be discussed on
January 7," said Rather, who is a member of the
Empowered Group of State Finance Ministers on GST.
While the GST committee set up by the 13th Finance
Commission has suggested a rate of 12 per cent to be
split between the states and Centre at 7 per cent and 5
per cent respectively, several states want it to be at
least 15 per cent.
The empowered committee will take a final call on the
GST rate, which will subsume various levies like excise,
VAT and service tax, at its January meeting.
