Bihar's Deputy Chief Minister Sushil Kumar Modi tells Ajit Jain about tax lessons he learned in Canada
The Bill was introduced in the Lok Sabha in December.
In its next meeting, empowered committee of state finance ministers set to oppose a proposal on state govt undertakings' I-T deduction.
The GST, an indirect tax regime, is to be rolled out from April 2016.
Finance Minister P Chidambaram on Monday exuded confidence that the centre will be able to sort out the issues concerning implementation of the Goods and Services Tax (GST) shortly.
Sushil Kumar Modi, who ceased to be Bihar Finance Minister following the JD (U)-BJP split, on Monday resigned as Chairman of the Empowered Committee of State Finance Ministers looking into the implementation of the proposed new indirect tax regime - Goods and Services Tax (GST).
The GST Constitutional Amendment Bill is with the standing committee.
Sushil Kumar Modi tells Business Standard the spirit of collective federalism needs to be heeded by all sides if the key reform is to become a reality.
Bihar deputy chief minister and finance minister Sushil Modi was on Monday elected the new chairman of the empowered committee of state finance ministers.
Modi, who also handles the finance portfolio in the Bihar government, replaces Asim Dasgupta, who had served in the post for over a decade since the formation of the body.
They've proposed a sub-committee under the proposed GST Council or the Empowered Committee of State Finance Ministers to resolve any disputes in the tax's implementation.
Officials said Mukherjee had proposed the name of Modi for the post, as an experienced person like him could have helped convince BJP-ruled states to move ahead on the Goods & Services Tax (GST).
State FMs okay list of tax-exempt services with certain riders.
The empowered committee of state finance ministers has approved the position paper of the Centre on the information technology network for the proposed indirect tax regime.
The empowered committee of state finance ministers has virtually trashed the Thirteenth Finance Commission taskforce's Goods and Services Tax report.
Addressing the Lok Sabha on Wednesday, Finance Minister Pranab Mukherjee called for the inclusion of petroleum products in proposed goods and services tax so that sharp domestic price movements can be checked.
The GST reform has virtually come to a standstill.
They will hold discussions on the requirement of a constitution amendment bill for rolling out the proposed GST, which is all set to miss even the revised deadline of April one, 2011.
The finance minister said the consensus between the Centre and states is required to amendment the constitution for implementing goods and services tax.
A discussion paper by the empowered committee of state finance minister released today said taxes levied by the central government like excise, additional excise duty and various surcharges and cesses would be part of the GST.
The Empowered Committee of state finance ministers is meeting under the chairmanship of West Bengal finance minister Asim Dasgupta to work out agreements on various aspects of the GST.
After failing to convince states to keep petroleum products within the ambit of the proposed goods and services tax (GST), the Centre has finally relented. It has agreed to the proposal of the empowered committee of state finance ministers to keep petroleum products like crude, motor spirit, aviation turbine fuel (ATF) and high-speed diesel out of GST.
The Madhya Pradesh government on Monday presented an alternative model of the GST but some states immediately raised objections to it.
Businesses with more than Rs 10 lakh turnover may end up paying the central goods and services tax, with the Centre not agreeing to states' suggestion of keeping the threshold at Rs 1.5 crore.
Panel also demanded power to go for additional market borrowing than stipulated.
The Centre on Friday said it will persuade states to reach a consensus on the Goods and Services Tax so that it can be implemented from April 1 next year.
In a move that will significantly reduce paperwork for producers of goods and services, the draft recommendations submitted by the all-states joint working group on goods and services tax (GST) have said one document will have to be filed.
He's the hero for forging consensus on GST, popular in the Left Front and among his students, but industrialists are less than enamoured.
Petroleum products such as crude, motor spirit and diesel, and alcohol beverages will be kept outside the dual goods and service tax (GST) structure, which will be implemented from April 2010.
Besides central cess, the Empowered Committee of State Finance Ministers has also recommended to keep purchase tax and octroi, which are collected at state and local levels, outside the GST framework.
It appears that things will crystallise on several aspects of the GST only by end 2008. This means that the country will only have a period of 15 months, from beginning 2009 to March 2010, to ensure that all the constitutional policy and legislative changes take place. It does seem increasingly a big challenge, says S Madhavan.
He said that veteran party leader Jyoti Basu has also made it clear that the dispute would not affect the stability of the government.
An official panel on Tuesday ruled out any increase in value added tax (VAT) rates as part of a package to compensate states on account of revenue loss due to a one per cent cut in Central Sales Tax that was to have happened in the beginning of this fiscal.
The resistance to VAT in Uttar Pradesh has been declining after the tax's success in 21 states.
Will have to pay 12% tax besides 3% education cess.
Quibbling between the Centre and the states on who should provide more relief to consumers on fuel prices intensified with the latter asking the Union Government to give an account of accruals to it from the latest hike in petrol and diesel prices.
Delhi government on Wednesday exempted life-saving medicines from taxation under the value added tax regime and decided to approach the Empowered Committee of State Finance Ministers for reduction in sales tax on diesel.
After the Centre, the states have joined the fight against inflation. Later this month, they will discuss a proposal to exempt rice, wheat and pulses from value added tax.
The official panel on value added tax decided on Thursday to ask the Centre to cut Central Sales Tax, imposed on inter-state movement in goods, to three per cent from the current four per cent from October.
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