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Asim Dasgupta, chairman of Empowered Committee of state
finance ministers, today held a meeting with Union
finance ministry officials on the discussion paper,
rates and tax base for GST.
While
there was no official word on the "in-house" deliberations,
sources said the discussion paper would be out some time
next month to elicit public comments on procedures of
how the GST will be collected and how the input credit
will be given.
So far as
the rates of GST is concerned, it would be decided at a
much later stage. "How can GST rates be decided, when it
is still not clear how many goods and services will be
covered under it. The rates would be decided at the
end," a key official said.
In fact,
the number of goods and services to be included in GST
would also be decided some time later, they said.
States
have agreed to have two basic rates of GST, besides one
special rate for precious materials. However, the Centre
is yet to take a call on this.
The GST is scheduled to be introduced from April one,
2010, and will subsume most indirect taxes at the
Central and state levels.
Source
:
Indopia, India, dated 27/10/2009 |
