Asserting that the government is determined to implement GST from the next fiscal, Economic Affairs Secretary Shaktikanta Das today expressed confidence that the revenue neutral rate structure will be decided the next month.
“The rate structure on which there is a lot of discussion going on at the moment with the GST Council and also in the public domain will get resolved in the next meeting of GST Council in the first week of November. Maybe, one or two sittings, it should come.
“The rate has to be necessarily revenue neutral. You cannot have a rate structure where governments run into huge deficit. Therefore, GST rates are worked out in such a manner that bulk of commodities are under the standard rate, which is 18 per cent,” he said.
A four-slab tax structure of 6, 12, 18 and 26 per cent with lower tariff for essential items and the highest bracket for luxury goods found favour with them, but a decision was put off to the next meeting on November 3-4.