ONE NATION, ONE TAX: PANEL REPORT

GST rates should be kept at moderate levels

Proposed GST council should set up rates

States should be compensated for at least 5 years to offset potential revenue losses after moving to GST

1% additional “entry tax” could have a cascading effect

Tax may be levied for supply made for a “consideration”

This could mean that the movement of goods within the same company may remain outside the 1% entry tax

GST will replace a string of central and local levies