States seek full compensation for first 5 yr for revenue loss following GST implementation
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States have sought full compensation for the first five years from the Centre for the revenue loss following the implementation of Goods and services tax (GST). This emerged during the meeting of State Finance Ministers Empowered Committee on GST, which was held in New Delhi yesterday under the Chairmanship of Kerala Finance Minister KM Mani. Briefing reporters after the meeting, Mr Mani said, some states have also demanded levy of additional sales tax on tobacco products.
The present GST Bill talks about 100 percent compensation for the first three years, then 75 percent in the fourth year and 50 percent in the fifth year.
Mr Mani said, GST will be a win-win situation for both the Centre and the States. He said, the empowered committee will communicate their views to the select committee of Rajya Sabha on the 16th of this month. The Centre has proposed to roll out GST regime from 1st of April next year.
The present GST Bill talks about 100 percent compensation for the first three years, then 75 percent in the fourth year and 50 percent in the fifth year.
Mr Mani said, GST will be a win-win situation for both the Centre and the States. He said, the empowered committee will communicate their views to the select committee of Rajya Sabha on the 16th of this month. The Centre has proposed to roll out GST regime from 1st of April next year.
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