New Delhi: The proposed new indirect tax regime, Goods and Services Tax, is likely to be introduced shortly, the government said on Tuesday.
"GST is likely to be introduced shortly...," Minister of State for Finance Nirmala Sitharaman said in the Rajya Sabha while answering a question on Central Sales Tax payment to Chhattisgarh.
In the written reply, she said CST compensation to the states for 2011-12 and 2012-13, along with balance amount of 2010-11 is under consideration as per the recommendation of the Empowered Committee.
Centre is consultation with states had decided to phase out CST to facilitate introduction of GST and to give compensation to the states for revenue loss on this account.
Once operationalised, GST will subsume most of the indirect taxes at the central as well as states' level.
While presenting the Budget, Finance Minister Arun Jaitley said a solution to the issues relating to the comprehensive indirect tax regime may be finalised in this year itself.
He said the GST would streamline tax administration and avoid harassment of business and result in higher tax collection both for centre and states.
The previous UPA government in 2011 introduced a Constitution Amendment Bill in the Lok Sabha to pave the way for introduction of GST.
In his Budget speech, Jaitley had assured all states that Centre would be more than fair in dealing with them.
Replying to another question, Sitharaman said while inflation has exhibited a decline in 2013-14, it continues to be at elevated levels and containing inflation is a "priority agenda of the government".
She further said the Budget outlines the measures to bring down inflation on a sustainable basis.
Copyright © 2009 - 2024 Franchise India Holdings Ltd