The Empowered Committee of State Finance Ministers on GST wants the annual business turnover floor reduced from Rs. 25 lakh to Rs. 10 lkh. This would make tax compliance easier as the threshold in most States for the VAT is also Rs. 10 lakh turnover.
At a meeting here on Wednesday, the Committee demanded that the Centre include the provision for GST compensation to States in the Constitutional Amendment Bill itself for the introduction of the new tax. "We are hopeful as the Union Finance Minister said it will come in winter session," Committee Chairman Abdul Rahim Rather told reporters after the meeting. Union Finance Minister Arun Jaitley has said the government will try to bring in the GST Bill in the winter session of Parliament. The GST rollout is delayed as States have some issues with the Centre proposed draft for this Bill.
The Empowered Committee demanded legal powers to States to collect the Central GST from those businesses that have annual turnover of up to Rs. 1.5 crore. With consensus remaining elusive on a number of issues, the Centre has indicated it could take the lead and introduce a Central GST and States could later follow with a State GST. Originally, the plan was to have a single common GST across the country to spare traders rom the hassles of complying with two separate tax administrations.
Posted in Info
No comments:
Post a Comment