GST will slash prices: Govt

The govt said the prices of most goods will decline with the implementation of GST.

The government said the prices of most goods will decline with the implementation of the Goods and Services Tax (GST).

“The proposed GST is likely to remove cascading of taxes and thus likely to reduce cost of most goods,” Minister of State for Finance SS Palanimanickam told the Rajya Sabha in a written reply.

The rates of GST is yet to be finalised,he said,adding it will have two components–Central and state GST.

Story continues below this ad

The proposed GST,Palanimanickam said,”is likely to subsume multiple taxes and will help in moving towards achieving the objective of having a common national market”.

Finance Minister Pranab Mukherjee in his budget speech had indicated that the GST,the shape of which is being discussed by the empowered committee of state finance ministers,would be rolled out in April 2011.

The 13th Finance Commission,in its recent report,asked the government to set aside Rs 50,000 crore to compensate the states for revenue losses on account of GST implementation.

The empowered committee of state finance ministers is likely to meet Mukherjee next month to discuss the future course of action on GST.

Trump announces TikTok deal, surprise China visit ‘early next year’ after call with Xi

World4 hr ago

Trump and Xi had a successful phone call, addressing trade, Fentanyl, and TikTok. They plan to meet at APEC Summit and for Trump to visit China, with Xi visiting the US. Congress wants TikTok to sell its US assets or shut down, but Trump has not enforced this due to the app's value and progress.

View all shorts

Live Blog