There are no surprises so far on the goods and service tax, popularly known as the GST, except that the Centre and states have agreed to keep crude, petrol, ATF and diesel outside GST's ambit.

Also, there will be no change on the taxes both at state and central level on these products, but there is no decision on natural gas as yet.

Similarly, GST will not apply to alcoholic beverages and the state excise duties will continue.

However, tobacco will be subjected to GST, a separate levy over and above could also be slapped.

While overall in terms of which goods should be completely exempted from GST, the states are sticking to the existing VAT exempt category for the GST model also.

In terms of GST replacing central and state tax, here also the list is not exceptional.

As expected, state taxes like VAT, entertainment tax, luxury tax, taxes on lottery, betting and gambling will all be replaced by GST.

But, there is no consensus on the purchase tax, removal of which will hit food grain producing states hard, leaving the possibility of centre compensating those states for revenue loss.

But the key question is—will the April 1, 2010 deadline for GST be met?

The response is muted and that's because the Centre has to prepare a series of legislative changes starting from next week till early January next year.

Even the GST rates will be made known only at the time the Parliament considers the proposed legislative changes.

So, traders, industry and taxpayers across will have to wait a while more to know what their tax burden will be like under GST.