The GST Council is going to decide on the same tax structure for the entire country. After this decision, all businessmen paying central excise and service checks across the country from July 1 will have to pay GST at these new rates. The decision that is going to happen today is going to be fixed once again for the common man that the price of goods, goods and services consumed by the market will be lower after July 1, 2017 or more.
In this two-day meeting in Srinagar, GST Council had approved all the rules on the first day. According to sources, the GST meeting has also been decided on the slab of 0 to 5%. All 9 rules of GST have been approved in the meeting. Significantly, there will be a nominal tax or zero tax on products coming from 0 to 5 percent tax slab.
Finance Minister Arun Jaitley has given a clear indication that since July 1, all preparations for implementation of GST have been done in the entire country. After the decision on GST’s new rates for the country today, it is quite clear that new rates will be effective from July 1. The biggest impact of this change will be on the general consumer. However, Arun Jaitley has also claimed that no businessman will be able to steal tax after GST is implemented in the country. So, when the business becomes clear, it is natural that its benefit and loss will directly lead to the common man.