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In an informal chat with
newsmen here, Mr Mukherjee said growth of the Indian economy could touch 8 per
cent by March 2010 as compared to 6.7 per cent in the previous year.
On whether a constitutional amendment to the GST Bill would be tabled in the
budget session of Parliament, Mr Mukherjee said it was unlikely.
‘Getting consensus on a constitutional amendment will take at least seven to
eight months,’ he said.
The Union Finance Minister had a meeting with Mr Asim Dasgupta, Chairman of the
Empowered Committee of State Finance Ministers.
Two crucial points emerged from these discussions. First, related to losses
incurred by states on account of reduction in Central Sales Tax.
Mr Mukherjee proposed that 50 per cent of losses incurred by States be borne by
the States themselves and the Centre will give only 50 per cent compensation.
Secondly, Mr Mukherjee asked the Empowered Committee to prepare a complete
package and report to him by the end of this month. The package could include
revenue neutral rate, tax base, tax exemptions and the amendment to the
constitution relating to the introduction of GST.
Mr Mukherjee said the economy was generally looking up and ‘signs were good.’
Source:
Indlaw.com, India, dated
10/01/2010
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