[aaykarbhavan] Business standard news updates 4-9-2013

GST to reforms, Centre accepts panel recommendations

VRISHTI BENIWAL New Delhi, 3 September After failing to push through some key reforms despite an economic crisis and putting the Direct Taxes Code on the backburner, the government is pinning hopes on a muchawaited tax reform — the Goods & Services Tax ( GST). The finance ministry has accepted almost all the recommendations of the standing committee on Finance on the Constitution Amendment Bill for GST and is likely to seal a deal with the states later this month. The empowered committee (EC) of state finance ministers, which also comprises representatives from the finance ministry, would meet on September 19 to discuss the Constitution Amendment Bill that paves the way for the introduction of the GST. The EC's recent visit to South Africa to study the GST model of the African country might also be discussed in the meeting. In line with the recommendations of the standing committee, the finance ministry has made changes to the Bill, which has been vetted by the law ministry. It, however, does not support some recommendations of the committee, such as the automatic compensation mechanism wherein a fund might be created under the GST Council and GST design. But as these are not part of the Constitution Amendment Bill, a consensus with states can be built up later. The ministry is also not in favour of giving an option to the states to stay out of GST and has already made its decision clear to the states. The standing committee had suggested that like the ValueAdded Tax, the states might also be given flexibility in joining GST. A finance ministry official, who did not wish to be identified, told Business Standard: " The Standing Commi

 

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