|
"I am
trying to stick to the schedule, but I would not be
surprised if there is a slippage of a few months," he
said at a conference.
Mukherjee said the federal government and provinces have
managed to agree on a number of issues regarding the new
tax system, but a few differences remain.
To introduce the tax, a new law and an amendment to the
country's constitution will be required, all of which
takes time, Mukherjee said.
The goods and services tax will replace two major taxes
levied by the federal government--excise tax and service
tax. The value added tax collected by provinces will
also go with the introduction of the new tax.
Source
: NASDAQ, India, dated 30/10/2009 |
