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Subsequently, the discussion paper, which will outline
the basic features of the proposed GST, will
subsequently be released for seeking comments from all
the stakeholders like trade, industry and public at
large, sources said.
Even though there are indications that there will be
some delays in introducing the proposed GST, which is
scheduled to be implemented with effect from April 1,
2010, the ECSFM is working towards putting the new tax
regime on schedule, they added.
Though the ECSFM has more or less finalised the
discussion paper on the GST it is unlikely to mention
anything about crucial aspects of the new tax regime
like tax rates and list of goods and services, which
will come under the purview of the GST, sources said.
Ironing out differences among states, the ECSFM has so
far evolved a consensus for a two-tier duty structure
for GST. The ECSFM has proposed one standard rate for
general goods and services and another lower rate for
essential commodities.
The ECSFM while proposing one GST for precious metals
like gold, silver and platinum has suggested a list of
goods and services which would be exempted from the
purview of GST. The ECSFM has constituted a 16-member
Working Committee to evolve framework as well as drafts
for constitutional amendment for the purpose of allowing
states to levy Service Tax for introducing GST.
The Committee is also mandated to prepare draft for
model legislation on GST for the Centre and the states.
Though the Centre has agreed to compensate those states,
who are likely to incur revenue losses by switching over
to the GST, some states are suggesting that the GST
should not be introduced in a hurry.
Source :
Deccan Herald,
dated
02/11/2009
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