PSUs

Except TN, GST bill gets support from all states

By IndianMandarins- 15 Jun 2016
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except-tn-gst-bill-gets-support-from-all-states The Empowered Committee on Goods and Services Tax (GST) has reportedly reached a broad consensus on the much-awaited tax reforms at a meeting in Kolkata on Tuesday. The committee will meet again in July to discuss the revenue-neutral rate and decide the fine-print of dual-control issues between the Centre and the States. According to Finance Minister Arun Jaitley and West Bengal Finance Minister Amit Mitra, who is chairing the committee, only Tamil Nadu raised concerns against the GST rollout plan. While neither Jaitley nor Mitra clarified the reasons behind the opposition, finance ministers of at least two major industrial States said Tamil Nadu had concerns about revenue loss and wanted a separate dispute-resolution body on GST. Representing Tamil Nadu, minister KC Veeramani, who was the first to speak at the meeting, also submitted a representation to the committee. Another finance minister from a major State, however, didn't find much merit in Tamil Nadu's objection. "Concerns about revenue loss are not exclusive to Tamil Nadu. Also, the GST council is created for dispute resolution so there is little point in demanding another body," he said. Calling the meeting as a "significant move" towards implementation of GST, Jaitley said he was hopeful that the Bill would be passed in the monsoon session. The Bill has already been cleared by the Lok Sabha.

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