The 14th meeting of the Goods and Services Tax (GST) Council, chaired by the Union Finance Minister Shri Arun Jaitley, was held at Srinagar, Jammu and Kashmir, and focused on finalising the GST rate structure for goods ahead of the nationwide rollout of GST. During the meeting, the Council deliberated on the fitment of tax rates across various categories of goods and broadly approved a multi-tier GST rate structure consisting of five slabs—nil, 5 percent, 12 percent, 18 percent, and 28 percent—reflecting the guiding principle of taxing essential goods at lower or zero rates and higher-value or luxury goods at higher rates. In addition to the basic GST rates, the Council also broadly approved the levy of GST Compensation Cess on specified goods to ensure compensation to States for any revenue loss arising from the implementation of GST, as provided under the GST (Compensation to States) framework. The chapter-wise and rate-wise schedules of GST rates on goods, along with the proposed compensation cess rates, were uploaded on the website of the Central Board of Excise and Customs (CBEC) for public information and transparency. The press release clarified that these schedules were subject to further vetting and fine-tuning, and that some changes could be made before final notification. This decision marked a critical milestone in operationalising GST by providing clarity on the applicable tax rates and laying the foundation for a unified indirect tax regime across the country.