Various tax slabs under GST worry traders: CAIT

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The rates are in line with those finalised for goods and with this, rates of all items except a handful including gold, have been decided ahead of the July roll out of GST.

Ever since the fitment of goods and services, Revenue Secretary Hasmukh Adhia has been holding townhall meetings with traders and has been answering GST related queries raised on twitter. "A lot of effort has been made to keep tax rates neutral or lower them under GST", a senior finance ministry official told ET. Motorcycles could also see some reduction in prices as the levy will come down by a percentage point to 28 percent.

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Subramanian also explained to the legislators about the GST standard rates and also about the compensation provisions to states in case it suffer any loss due to implementation. Industry said the GST will raise levies but the government has pointed out that this will be offset by input credits. "And the elimination of this interaction between the accessing authority and the taxpayer minimises harassment, brings accountablity into the system, it increases the importance of the taxpayer and a greater trust in it", Jaitley added.

Singh also said that it was the previous United Progressive Alliance government at the Centre, led by the Congress, that had conceived the GST Bill.

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The 5 percent tax, however, is in contrast to a previous notification that had fixed an 18 percent tax on photovoltaic cells and panels, which account for a bulk of solar power generation costs.

"The wider impact of the classification of items under different tax slabs needs to be gauged very cautiously since under GST not only the taxes paid on goods but even the taxes paid on the services will be eligible for input tax credit", CAIT said. A cess can be imposed on select luxury and so-called sin goods, such as tobacco. It's not keen on aggressive use of GST's antiprofiteering provision against companies.

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