Another meeting for the GST bill is proposed for the discussion and finalization of the proposed four tier system is scheduled, a relook at the issue of dual control over tax assesses of both goods and services will also be considered, this meeting is scheduled on 3rd and 4th November.
There is some difference in the perspective of the state and the central government on the funding mechanism for compensation to states in case of any revenue loss after implementation of the indirect tax regime.
A four-tier rate structure for GST has been proposed with a lower rate of 6 per cent, two standard rates of 12 per cent and 18 per cent, and a higher rate of 26 per cent. An additional cess over and above 26 per cent for luxury and demerit goods has been proposed for the purpose of funding compensation to states in case of revenue loss after the GST rollout.
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