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Finance Ministry
sources have told CNBC-TV18 is that they are working on
a constitutional mechanism that will ensure that there
is no unilateral decision making on the goods and
services tax (GST) rate once it is decided, which means
that any modifications in the GST rate in the future
will have to go through this constitutional mechanism.
This mechanism could be in the form of an autonomous
body or it could be a council of state finance
ministers. The exact contours of this body are being
worked on right now.
Also, the draft
constitution amendment for GST is being vetted by the
law ministry right now. This draft has to be ready by
15th November and it is ready and being vetted by the
law ministry and it will be tabled in the winter session
of parliament. This was something that CNBC-TV18 had
broken first.
Another piece of
important information that we've picked up from our
sources is that octroi is a tax that has not been
included in GST but officials are hopeful that over a
period of time it will be included in GST. Right now
because it is a local tax, it has not been included.
Source :
Moneycontrol.com,
India,
dated
12/11/2009
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