States to submit views on GST to Rajya Sabha select committee tomorrow1 min read . Updated: 15 Jun 2015, 04:04 PM IST
The centre has proposed to roll out GST from April 2016
New Delhi: With most states on board, the empowered committee of state finance ministers on the goods and services tax (GST) will submit its views tomorrow to the Parliamentary panel looking into the Constitutional amendment bill for introduction of new indirect tax regime. “Tomorrow, I am going to present the proposal before the Parliamentary committee... Most of the states are in agreement with GST," said committee chairman K.M. Mani.
“Some states are asking for compensation, some states are asking for review of additional tax. Those things have to be decided," he said. Mani, who is Kerala’s finance minister, interacted with the media after meeting Union finance minister Arun Jaitley.
The centre has proposed to roll out GST from April 2016. The Constitutional amendment bill for rolling out GST has been referred to a Rajya Sabha select committee. The Lok Sabha has already cleared the bill. States are pressing the centre for compensating them fully for the loss of revenue in the first five years of GST replacing their taxes.
The centre has agreed to compensate states fully in the first three years and partially in fourth and fifth year. The issue of compensation, besides other matters, was raised at a recent meeting of the empowered committee.