GST rates ready for most items, talks on over gold, beedis

New Delhi, June 3 (IANS) The Goods and Services Tax (GST) Council has finalised the fitment of tax rates for most of the six remaining items, while discussions were continuing on the rate for gold at the Council's meeting here on Saturday, Jammu and Kashmir Finance Minister Haseeb Drabu said.

"Cotton yarn and textiles have been taxed at 5 per cent, while readymade garments will attract 12 per cent," Drabu told reporters waiting outside the meeting venue here.

"Footwear costing below Rs 500 will be taxed at 5 per cent, while those costing more will attract 18 per cent tax," he said.

"All biscuits have been put under the 18 per cent bracket," he added.

Drabu also revealed that beedis were being discussed, and while it may be taxed at 28 per cent (without cess), beedi leaves could attract 18 per cent.

The crucial issue of taxing gold was still to be discussed even as the meeting continues, he added.

Kerala Finance Minister Thomas Isaac told reporters earlier that all states have agreed on the rollout of the GST on July 1.

The Council has come together here for its 15th meeting to finalise the rate fitment of the remaining six items, including gold.

The fitment of 1,211 items was decided at the Council's previous meeting held last month in Srinagar.