GST will subsume a host of indirect taxes levied by the centre and the states
The 9th meeting of the GST council could not resolve the deadlock over various issues related to the distribution of powers between center and the states under the Goods and Services Tax regime.
Now the next meeting of the council would be held on January 16, according to Press Trust of India.
The GST council, headed by Finance Minister Arun Jaitley, began its two-day meeting on Tuesday to discuss the contentious issue of sharing of administrative powers between the centre and the state governments. The differences over the sharing of administrative powers have prevented the GST Council to come to an agreement over supporting legislations for GST, which will unify the country into a common market.
The consensus of GST Council is required for IGST , which deals with levy on inter-state supply (including stock transfers) of goods or services.
The GST Council had in its earlier meetings had agreed on draft central and state GST legislations. The council had also tweaked the compensation mechanism to allow bi-monthly payment to states instead of previously decided quarterly pay-out.
GST will subsume a host of indirect taxes levied by the centre and the states, including excise duty, value-added tax, service tax, entry tax, luxury tax and entertainment tax.
Finance Minister Arun Jaitley had earlier said that since GST is transactional levy, it can be implemented any time during the year.
Some analysts expect Mr Jaitley to announce the timetable for rollout of this ambitious tax reform in his budget speech on 1 February.
The Parliament passed the landmark constitutional amendment in August and more than half of state legislatures ratified it by mid-September. At the time of passing of the GST amendment bill, it was expected that the government would be able to implement the new tax regime by April 2017. However, in the face of current unresolved issues, many experts as well as state chief ministers have suggested that there will be a delay in the implementation of the GST in the country.
The constitution does not permit delay in GST implementation beyond September 2017, Mr Jaitley had said earlier.
Now the next meeting of the council would be held on January 16, according to Press Trust of India.
The GST council, headed by Finance Minister Arun Jaitley, began its two-day meeting on Tuesday to discuss the contentious issue of sharing of administrative powers between the centre and the state governments. The differences over the sharing of administrative powers have prevented the GST Council to come to an agreement over supporting legislations for GST, which will unify the country into a common market.
The consensus of GST Council is required for IGST , which deals with levy on inter-state supply (including stock transfers) of goods or services.
The GST Council had in its earlier meetings had agreed on draft central and state GST legislations. The council had also tweaked the compensation mechanism to allow bi-monthly payment to states instead of previously decided quarterly pay-out.
GST will subsume a host of indirect taxes levied by the centre and the states, including excise duty, value-added tax, service tax, entry tax, luxury tax and entertainment tax.
Finance Minister Arun Jaitley had earlier said that since GST is transactional levy, it can be implemented any time during the year.
Some analysts expect Mr Jaitley to announce the timetable for rollout of this ambitious tax reform in his budget speech on 1 February.
The Parliament passed the landmark constitutional amendment in August and more than half of state legislatures ratified it by mid-September. At the time of passing of the GST amendment bill, it was expected that the government would be able to implement the new tax regime by April 2017. However, in the face of current unresolved issues, many experts as well as state chief ministers have suggested that there will be a delay in the implementation of the GST in the country.
The constitution does not permit delay in GST implementation beyond September 2017, Mr Jaitley had said earlier.
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