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Hike GST rate by 1-2 don t levy cess Assocham

Hike GST rate by 1-2%, don t levy cess: Assocham - Goods and Services Tax - GST - Dated:- 2-11-2016 - Industry chamber Assocham has made a pitch to Finance Minister Arun Jaitley not to levy cess, but hike GST rate by 1-2 per cent to garner additional resources to compensate states for any revenue loss on rollout of the new regime from April next year. At the GST Council meeting last month, the Centre had proposed a four-tier GST rate structure of 8 per cent, 12 per cent, 18 per cent and a peak r .....

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. The additional revenue required for such compensation can be collected by increasing the tax rates (by 1-2 per cent) instead of levying a cess, he said. The suggestion, however, is at variance with Jaitley's contention, who had favoured levy of cess on tobacco and luxury products to compensate states, saying the cost of funding that through an additional tax would be exorbitantly high and almost unbearable . Assocham has also suggested that essential commodities of mass consumption like fr .....

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