SME Times News Bureau | 25 Aug, 2012
After missing earlier deadlines, the government is hopeful that the Constitutional Amendment Bill to implement the Goods and Services Tax regime (GST) will be passed by March 2013.
Addressing the Consultative Committee Meeting of the Finance Ministry, the Finance Minister P Chidambaram said that he is "hopeful that the GST Bill would be passed before the end of the current financial year."
He added, "The goods and services tax (GST) is a more effective and efficient substitute for plethora of indirect taxes."
The Finance Minister also said that the objective is to put in place an effective and efficient tax system which is friendly and fair to the taxpayers. And, once GST is implemented, it will not be adversarial to the taxpayers.
Chidambaram further added, "Though there are still some issues relating to GST and its Network (GSTN) to be resolved, yet they are not insurmountable."
On the occasion, the members of the Consultative Committee participating in the discussion gave various suggestions relating to GST and its Network. They were of the view that GST is good for all stakeholders including Central and State Governments as well as traders and business communities among others.
The members have raised various issues relating to GST Network including security of data, settlement of disputes among different stakeholders, integration of direct tax information system into the GST system and other technology related matters.
They said, "Firstly the issue of loss to the states be settled to the satisfaction of all states before we march forward. This is causing delay on the part of the states in accepting GST and this uncertainty may be settled once for all."
The decision making process of the GST Council be made more practicable by providing decisions with two-third majority of the states rather than on consensus basis, the members added.
