NEW DELHI: In what could be a major reform in indirect tax regime, the empowered committee of state finance ministers on Goods and Services Tax (GST) will submit its report on Tuesday to the Parliamentary panel to look into the constitutional amendment Bill.
Speaking to reporters, K M Mani, chairman of the committee said, “Tomorrow, I am going to present the proposal before the Parliamentary committee. Most of the states are in agreement with GST.”
He further said, “Some states are asking for compensation, some states are asking for review of additional tax. Those things have to be decided.”
With issues related to revenue neutral rate, compensating manufacturing states and imposition of tax on petroleum products still looms, the BJP government will need two-third majority support of those present in the upper house.
The Union government proposes to roll out GST from April 2016. The Constitutional Amendment Bill for rolling out of GST has been referred to a Rajya Sabha Select Committee. The Lok Sabha has already cleared the Bill.
