Finance Minister Arun Jaitley said the goods and services tax (GST) would be India’s first federal product (policy). Also, the GST Council would be the first federal institute where the Centre and the states decide policies in co-ordination.

The GST is slated for a July 1 roll-out. The Council, headed by Jaitley and representatives from all the states, have finalised rates of several goods and services in four slabs — 5 per cent, 12 per cent, 18 per cent and 28 per cent. “The new indirect tax (GST) is a product of federal India. The Centre and the states jointly ...