A decision on the goods and services tax (GST) rate will be taken next month, Union finance minister Arun Jaitley said on Wednesday after the Centre and states failed to arrive at a consensus despite discussions over two days. Before this is decided, GST rates or its structure cannot be fixed, he added. The landmark tax reforms secured Parliament’s approval earlier this year after months of hard bargain between the BJP-led government and Opposition parties over the tax rate. The Congress had demanded a cap on the GST rate at 18%. The Centre has set a November 22 deadline for finalising the GST structure.

Source: Hindustan Times October 19, 2016 13:49 UTC