The GST Council made progress on tax fitment in Srinagar, placing 81% of items under the 18% tax slab to ensure economic stability.
The Goods and Services Tax (GST) Council concluded the initial day of its two-day session in Srinagar, following extensive discussions on rate rationalization. The primary objective of this meeting was to assign various goods and services to one of five predefined tax slabs: 0%, 5%, 12%, 18%, and 28%, thereby finalizing tax rates for the upcoming GST implementation. Revenue Secretary Mr. Hasmukh Adhia announced after the day’s proceedings that approximately 81% of goods would be subject to GST rates below 18%. Conversely, only about 19% of items would face taxation above the 18% threshold. This aligns with expectations from industry observers, who largely anticipated that most goods and services would fall within the 18% tax bracket to avoid economic disruption.
