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The
Empowered Group of State Finance Ministers on VAT would
send its recommendations to the Centre next month after
the state finance ministers give their views in writing,
he said after the panel's meeting here.
“After
getting the written viewpoints, we will finalise the
report. But we hope to send the report to the Government
of India by the month of December,” he said.
In
a nutshell, within the framework of GST, there would
be more than one slab of tax for goods, but a single rate
for services at the state level. At the central level, the
rates will be decided by the Union government, Mr Dasgupta said,
adding that they are likely to be on a similar pattern.
Like
VAT, there would be set off ~ that is amount of tax paid
on inputs would be reimbursed ~ at both the Central and
state levels.
GST at
the state level will subsume as many taxes on goods and
services as possible and feasible, he said.
Source
:
The
Statesman - Kolkata, India, dated 28/11/2007
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