Report finalized for common tax regime

PRESS TRUST OF INDIA

New Delhi, July 19: The Parliamentary Standing Committee on Finance today finalised its report on Goods and Services Tax (GST) which will be tabled in Parliament in the monsoon session beginning August 5.
 "The Committee has adopted and finalised the report on GST. It will be sent to the Parliament today only. It will be tabled in Lok Sabha in the Monsoon session," a source said.
 The GST Bill, introduced in Parliament in 2010, is being vetted by the Standing Committee on Finance. Now, the states and the Centre would together finalise the draft and bring it back to Parliament.
 The proposed GST is aimed at bringing in a common tax regime for goods and services by subsuming most indirect taxes. It is also expected that GST will help increase revenue collections.
 The GST roll-out has missed several deadlines due to differences between the states and the Centre over contentious issue of central sales tax, compensation to states and design of GST structure.
 Finance Minister P Chidambaram had recently said that "the Empowered Committee of State Finance Ministers is working hard on the GST and by and large all of them are very supportive.
 "The Constitution Amendment Bill is being drafted. It is being placed before the Council of Ministers (on July 22). Then the GST Bill is to be drafted. It will be placed before them. The two would be placed in Parliament after they are ready." 
 The Minister had said that "one or two state governments" were opposing GST.

Lastupdate on : Fri, 19 Jul 2013 21:30:00 Makkah time
Lastupdate on : Fri, 19 Jul 2013 18:30:00 GMT
Lastupdate on : Sat, 20 Jul 2013 00:00:00 IST




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