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Arguments for states autonomy at GST implementation
15 December, 2009 Ahmedabad :
Arguments for states autonomy at GST implementation

Discussions are going for the Goods and Service Tax (GST) issue. Still Government is not at the final conclusion. Government is creating atmosphere to introduce the four Slabs at GST regime, which are hopefully to be announced in next two weeks. The rates of those slabs would be designed as Zero, Standard, and Moderate and Special rates (1% for precious metals).

Chairman of the Empowered Committee of State Finance Ministers on VAT, Asim Dasgupta, intents to release rates of suggested GST slabs within the end of this year. Mr Dasgupta said “Among the GST tax slabs, it would be zero for exempted items, one standard rate for majority of the goods and services and another having a moderate rate. Precious metals are likely to continue to attract one per cent. This has to be done to bring uniformity in tax compliance for the business community and to facilitate them to maintain only a single book of accounts for both state GST and Central GST tax payment”.

Meanwhile, some States have arguments with the Central Governance in matter pertaining to implementation of the GST format. Gujarat State is in negotiations to extend the scheduled date of GST-implementation from 1st April 2010 to April 2011.  The State demands assurance from the Central Government that the new tax format should be affordable to consumers and will not much affect the cost of services or products. Presently, the Gujarat Government is collecting revenue of around INR 200 billion from the VAT. So they are unconvinced that whether the new tax policy can continue their incomes and can flourish their trade or not.

GST

Courtesy: Team STO
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