The whole idea is, as your revenue collections neutralise we must prune it and that's the pattern in which the Council has so far been functioning. I see that as a future guide as far as the Council is concerned," Jaitley said at India Today Conclave here.The GST Council had at its last meeting in October adopted a concept paper that laid down guidelines for changes in rates. According to this, no manufactured goods should be given outright exemption as this would hinder the Make in India initiative. Therefore, most of these products should be gradually brought down to 18%. Also, there is a case for reduction of tax on services from 28% to 18%.”The GST Council is scheduled to meet next on November 10.

Source: Economic Times November 07, 2017 08:15 UTC