Finance Ministry has set up two committees for facilitating implementation of Goods and Services Tax from 1st of April next year. The committee will suggest tax rates and look into IT preparedness for the new indirect tax regime. In a statement, Finance Ministry said, Committee has been formed under the chairmanship of the Chief Economic Advisor of Finance Ministry. The Committee will recommend possible tax rates under GST that would be consistent with the present level of revenue collection of Centre and states. The Committee will also analyse the sector-wise and state-wise impact of GST on the economy. The Committee is expected to give its report within two months.The statement added, Steering Committee has been formed under the Co-Chairmanship of Additional Secretary of Revenue Department and Member Secretary of Empowered Committee of State Finance Ministers. The panel will monitor the progress of IT preparedness of Goods and services tax network, Central Board of Excise and Customs authorities, finalisation of reports of all the sub-committees on different aspects relating to the mechanics of GST. It said, the Committee will monitor the progress on consultations with various stakeholders like trade and industry and training of officers. The committee were announced a day after Chairman of Empowered Committee K M Mani submitted states' views on the GST to the Rajya Sabha Select Committee scrutinising the GST bill.