Issac also said that government would take stern action against tax evasion

Kerala Finance Minister T M Thomas Isaac on Tuesday informed the state Assembly that there were no “fundamental” disputes in the goods and service tax (GST) Council.

Speaking during the Question Hour, Isaac told the House: “There were no fundamental disputes in the GST Council.” The next meeting of the council, to be held in Srinagar, would take a decision to fit different goods and services into the four approved slabs of 5, 12, 18 and 28 per cent tax rates under GST.

Isaac added that the decision on tax rate of gold was yet to be taken.

It was also estimated that an amount of Rs 55,000 crore was necessary to pay compensation to states for revenue loss in the aftermath of introduction of GST, Isaac said.

Issac also said that government would take stern action against tax evasion.