05 December, New Delhi
The Chief Economic Advisor-led panel has recommended standard rate for Goods and Services Tax at 17 to 18 per cent, the rate at which most products would likely be taxed.
In its report submitted to Finance Minister Arun Jaitley, the committee has excluded real estate, electricity and alcohol and petroleum products while calculating tax rates but has suggested to bring them under the ambit of GST soon.
It has also recommended a range of 12 to 40 per cent for various products and services. Briefing media in New Delhi last evening, Chief Economic Advisor Dr Arvind Subramanian said the Committee has suggested to do away with a proposal to levy a one percent inter-state tax on transfer of good.
The committee, however, did not favour putting the GST rate in Constitution Amendment Bill.