The rates fixed during the meet will be charged from July 1, the scheduled date for rollout of GST which is also India's biggest tax overhaul since independence.
"We should have given more time to go through the GST and VAT Bills", Mishra said.
While it is too early to say how gold and jewellery will be taxed under the GST, states like Kerala have asked for a 5 per cent tax on bullion.
The remaining 2o per cent items such as motor vehicles, beedi, coconut oil etc., will be looked upon in the GST council meeting that Is to follow over next two days. "And importing states like J&K will have huge benefit". "This meeting about GST is very crucial as it involves a lot of public interest, like what taxes you have on salt, on cigarettes, on ships, so it affects the general public".
"Our state is importing nearly everything from outside and GST will be beneficial for importing states", he told reporters before entering the hall where 14th GST Council meeting is being held today at S K International Convention Complex (SKICC) on the bank of Dal Lake.
He said as a member of the GST council, Odisha had been actively participating in the design of the legislation.
As soon as the meeting got under way, Jaitley informed the gathering the demise of Union Environment Minister Anil Dave, the spokesman said.
Host Jammu and Kashmir expects Rs 1,500 crore to Rs 2,000 crore in tax revenue from implementation of GST and may be the first state in the country to bring real estate within the ambit of GST.
"We are now part of the national policy making which will be recorded in history", he added. Various taxation officials, Finance Ministers and Finance Secretaries of various states and union territories are attending the meeting. The choice of venue for the two-day meeting, the council's last before the tax is rolled out, is seen as a political message from the BJP, which partners Chief Minister Mehbooba Mufti's People's Democratic Party (PDP) in Jammu and Kashmir.