|
|
Keeping fingers crossed on breakthrough in GST Council: FM
|
|
|
|
Top Stories |
|
|
|
|
SME Times News Bureau | 05 Dec, 2016
With the fifth meeting of the Goods and Services Tax (GST) Council
remaining inconclusive as the impasse over the issue of assessee
jurisdiction continued, Union Finance Minister Arun Jaitley on Saturday
said he was keeping his fingers crossed.
"The critical issue is
of cross empowerment or dual control. Are we close to a resolution? I
will still keep my fingers crossed," he told media persons after the
two-day GST Council meeting came to an end here.
"Logjams are created only to be broken. We will discuss it further on December 11 and 12," he added.
With
five meetings of the GST Council being held, the issue of dual control
or who will exercise control over GST assessees -- the Centre or the
states - remains critical.
"The discussions were held. Two-three
suggestions have come of horizontal division of assessees, vertical
division and even a suggestion of hybrid of the two," Jaitley said.
The
Council also could not complete the approval process on the four drafts
- Central GST (cGST), State GST (sGST), Integrated GST and State
Compensation Law in the meeting. After the approval from the Council,
the cGST needs to be approved by the Parliament while sGST will have to
be approved by state legislatures.
"There were discussions on
cGST and sGST. Both the drafts were discussed simultaneously. We have
started clause by clause approval of the two. Nine clauses of each have
been discussed and the Council is moving towards consensus on these,"
Jaitley said.
"It will take a lot of time for the approval (on the drafts), it seems," he added.
The approval on the four draft laws will also be on the agenda in the Council's next meeting, he said.
"We
can't have an implementation of GST without resolution of all the
issues in the Council. The approach is to reach an agreement with a
consensus of all," Jaitley said.
He said that the government is still targeting April 1 as the implementation date for the new indirect tax regime.
"There are not much options. The time option is only between April 1 and September 15," he added.
|
|
|
|
|
|
|
|
|
|
|
|
|
Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
|
|
Daily Poll |
|
|
PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
Commented Stories |
|
|
|
|
|
|
|
|