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21
November 2016
An informal meeting of the Goods and
Services Tax (GST) Council here on Sunday remained stalled on the issue of dual
control, or cross-empowerment, on who will exercise control over GST assessees
-- the Centre or the states. The Total
Investment & Insurance Solutions
"The meeting has remained
incomplete. Discussions will continue on November 25," Union Finance
Minister Arun Jaitley, who chairs the GST Council, told reporters after an over
three-hour-long meeting here with state Finance Ministers. The Total Investment & Insurance
Solutions
Under the new pan-India indirect tax
regime proposed by GST, states want the right to control all assessees with up
to Rs1.5 crore annual turnover.
At its previous meeting here earlier
this month, the GST Council decided on a four-slab tax rate, but the meeting
could not arrive at a decision on the issue of dual control.
Jaitley had then called for a political
push for resolution of the contentious control issue and fixed November 20 for
an informal meeting in this regard. The
Total Investment & Insurance Solutions
Following the Sunday meeting, Jaitley
said that it was decided that officials will meet again tomorrow before the
next meeting of the Council on November 25.
The government has targeted implementing
the GST from April 1, 2017.
GST is a single indirect tax that
proposes to subsume most central and state taxes, like the value added tax,
service tax, central sales tax, excise duty, additional customs duty and
special additional customs duty. The
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Meanwhile opposition parties gearing
have been attacking the government, both in parliament as well as outside, on
its demonetisation move, which has placed a question mark on the future of the
proposed GST. The Total Investment
& Insurance Solutions
The Congress has said it will oppose GST
in the ongoing winter session of Parliament if four slabs of taxation up to 28%
are introduced. The Total Investment
& Insurance Solutions
"The Congress party has always
maintained that the 18% cap on GST should not be increased, as it will lead to
further inflation and people will suffer," Congress spokesperson Randeep
Singh Surjewala told reporters here earlier this week. The Total Investment & Insurance Solutions
The target rollout of GST will depend on
the passage of the Central GST and the Integrated GST (IGST) bills in
Parliament and the state GST bills by the respective states.
Parliament and state assemblies have the
right to accept, or reject, the Council's recommendations in their GST Bills. The Total Investment & Insurance
Solutions
India Inc has pitched for an 18%
standard rate on the ground that this rate will generate adequate tax buoyancy
without fuelling inflation.The Total
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