Big rate changes unlikely under GST regime, says Arun Jaitley

Big rate changes unlikely under GST regime, says Arun Jaitley

NEW DELHI: Finance minister Arun Jaitley said rates under the new goods and services tax (GST) regime will not be "significantly different" from existing levels, suggesting there will be minimal disruption when it is rolled out on July 1. But any savings should be passed on to consumers, he said. 

"We are now in the final stages of fixing tariffs for different commodities. The formula under which it is being done has also been explained and therefore nobody is going to be taken by surprise," he said. "It's not going to be very significantly different," he said, adding that rules and regulations governing GST have been framed.