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Bengal finance minister
Asim Dasgupta, who is the chairman of the empowered
committee, said this today at a Ficci meet.
The proposed GST, to replace a host of central and state
taxes on goods and services, will have two components —
a central GST and a state GST. “There will also be an
integrated GST for inter-state transfer of goods and
services,” Dasgupta said.
However, he added that the integrated GST would not be a
new tax. “It will be a pooled account of central GST and
state GST together and it will be monitored by a central
agency,” he said.
There will be two rates — a standard rate for general
goods and services and a lower rate for essential and
merit goods. It is learnt that the state finance
ministers have almost agreed to a 5 per cent tax for
essential and merit goods and 11-12 per cent for general
goods.
All producers of goods and service providers won’t have
to pay GST. There are threshold limits for both the
state GST and central GST.
Source :
Calcutta Telegraph,
India,
dated
12/12/2009
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