Taxation rate to be worked out by GST Council: Jaitley

New Delhi: Without delving into specifics on the taxation rate under the Goods and Services Tax (GST) regime, Finance Minister Arun Jaitley here on Monday said it will be worked out by the GST Council. GST rate was earlier suggested at 18 per cent by Chief Economic Adviser Arvind Subramanian. “The GST Council will work on the functional modalities. The rate of taxation will also be determined there,” Jaitley said initiating the discussion on the 122nd constitution amendment bill in the Lok Sabha. The constitution amendment bill is an enabling measure which will pave the way for the GST regime. After its passage in the Lower House, which is a given as the government enjoys a clear majority in the Lok Sabha, three laws will need to be prepared for GST. “We will have to prepare three more laws. After ratification by states, the draft will have to be prepared by GST Council. The two laws on inter-state GST and central GST will have to come before the Parliament. The state GST will be passed by various state assemblies,” Jaitley said.