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Rajya Sabha panel finalises GST report
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SME Times News Bureau | 21 Jul, 2015
The Select Committee of the
Rajya Sabha on Monday finalised its report on the Goods and Services Tax
Bill, with the government agreeing to provide compensation to
manufacturing states after removal of time limit of five years.
The
Constitution (122nd Amendment) Bill, 2014, has a provision wherein
parliament may, by law, provide for compensation to states for revenue
losses arising out of the implementation of the GST, on the GST
Council's recommendations, with a limit of five-year period.
According to sources, the panel in its report recommends removing this time limit.
However,
a consensus has not yet been reached on the bill, which requires to be
passed with two-thirds majority, with the Congress and the Left
confirming they would submit a dissent note.
According to
sources, the Congress was opposed to the proposal for levying one
percent additional tax on the supply of goods in the course of
inter-state trade.
As per the bill, when goods move from one
state to another, an additional one percent tax would be levied, but the
opposition said it would lead to a cascading effect.
The Left
said it demanded change in the constitution of the GST Council, which as
per the bill would have one-third members from the Centre and two-third
from the states.
"The Centre should have one-fourth members
while the states should have three-fourths, or it will be unfair for the
states," a source said.
The dissenting notes are likely to be submitted on Tuesday morning.
The bill seeks to amend the constitution to introduce the GST.
Consequently,
the GST subsumes various central indirect taxes including the central
excise duty, countervailing duty, service tax etc. It also subsumes
state value added tax, octroi and entry tax and luxury tax etc.
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