The Chief Economic Advisory led panel has recommended standard rate for Goods and Services Tax at 17 to 18 per cent, the rate at which most products would likely be taxed. The committee has excluded real estate, electricity and alcohol and petroleum products while calculating tax rates but has suggested to bring them under the ambit of GST soon. <br/><br/>It has also recommended a range of 12 to 40 per cent for various products and services. The higher rate will be applicable to select products as luxury cars or tobacco. The Committee submitted its report to Finance Minister Arun Jaitley this evening in New Delhi. Briefing media after submitting the report, Chief Economic Advisor Dr Arvind Subramanian said the Committee has suggested to do away with a proposal to levy a one percent inter-state tax on transfer of good. <br/><br/>The committee however did not favour putting the GST rate in Constitution Amendment Bill. The CEA also said the committee has suggested Revenue Neutral Rate (RNR) of 15 to 15.5 per cent with a preference for 15 per cent. RNR is that single rate which preserves overall revenues. <br/><br/>Mr Subramanian said, Indian GST will be cleanest dual VAT, combining best of centralised and decentralized models. Terming the GST as an example of cooperative federalism, Mr Subramanian said it will improve governance, facilitate Make in India' by making one India and strengthen tax institutions.