GST deadlock continues over dual control, high sea taxes
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Stating that the Goods and Services Tax (GST) Council was racing against time on its deadline of April 1, Finance Minister Arun Jaitley on Wednesday said it is hoping to resolve the two vexed issues of Integrated GST (iGST) and dual control in its next meeting on January 16.
"We know the difficulties, we are moving against time. Dual control is a complex issue. We started a decision that was inconclusive. We have decided to meet on January 16 to untie the knots in this issue," Jaitley told reporters here after the two-day GST Council meet.
"We will be meeting to conclude the discussion on the gaps in draft laws. The gaps, are on two issues. The first pertains to the definition of the word territory (in iGST) and the second is on dual control and cross empowerment," he added.
The finance minister of Kerala, Thomas Issac said the remaining issues before the GST Council include ways to fund the compensation to states for GST rollout as well as states participation in Integrated GST.
“Working overtime, it should be possible to meet the deadline of September. I am not very optimistic about rolling GST out in June/July. Because it is a new tax and lot of complexity involved, it would be better to move in after full preparation. So GST, to my understanding, will be implemented from September,” he said.
He mentioned that instead of the current 50:50 sharing, some states wanted the GST revenue from the highest bracket so it could be shared 60:40. “There are 4 different rates that have been fixed. Highest bracket is 28 per cent and of this how much will be the Centre and state’s share, nowhere in the law it defines and it seems to be taken for granted it is 50:50," he said. #casansaar (PTI - The Hindu)
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