Finance Minister Arun Jaitley on Monday expressed hope
that the much-awaited GST Bill, which provides for a uniform indirect
tax structure, would be introduced in the current winter session of
Parliament.
“We will try and introduce GST (Goods and
Services Tax) Bill in this session...GST Bill would be taken up by the
Cabinet after Empowered Committee (of state finance Minister) meeting on
December 12,” he said here.
The government has
proposed to implement GST from April 1, 2016, and the new Finance
Commission may be set up ahead of its schedule to look into the issues
related to the new indirect tax regime.
The GST will
subsume indirect taxes like excise duty and service tax at the central
level and VAT on the states front, besides local levies.
There
are differences between the Centre and states on some issues with
regard to the implementation of GST that includes the revenue neutral
rate and keeping petroleum, liquor out of the ambit.
While
a sub-committee on GST has suggested that the revenue neutral rate of
GST be pegged at about 27 per cent, the states are yet to decide on it.
It had suggested states GST at 13.91 per cent and Central GST at 12.77 per cent.
Besides, states have been demanding that petroleum, alcohol and tobacco should be kept out of the purview of GST.
The
GST Constitutional Amendment Bill, which was introduced in the Lok
Sabha in 2011, had lapsed and the NDA government will be required to
come up with a fresh bill.
The GST rollout has missed
several deadlines because of lack of consensus among states over
certain crucial issues on the new tax regime.
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