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16th GST Council meeting begins in New Delhi

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The 16th GST Council meeting has began in New Delhi today. The meeting is likely to review some of the rates on which industry has expressed displeasure. The council can also make amendments to the draft rules. A Finance Ministry release said, main agenda items of the scheduled meeting include confirmation of the minutes of the previous meeting on the 3rd of the last month.
Various industry associations have sought a review of the tax rates saying that the proposed GST will be much higher than the present level of taxation. The auto industry has sought a review of the GST rate on mid and large-sized hybrid cars, proposed to be taxed at 43 per cent in the new regime. The current tax rate in this category is 30.3 per cent. Likewise, the telecom and IT hardware firms too have demanded amendments in the proposed tax rates.
The GST Council has fitted all goods and services taxable under it in slabs of 5, 12, 18 and 28 per cent. However, precious metals, gold coins and imitation jewellery are proposed in the 3 per cent tax slab and rough diamond at 0.25 per cent. The GST will be rolled out from 1st of July.

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