1. Odisha supports GST, claims Rs 2,755 crore as CST compensation

Odisha supports GST, claims Rs 2,755 crore as CST compensation

Supporting implementation of Goods and Services Tax, the Odisha government today claimed Rs 2,755.36 crore towards compensation for the loss on account of CST reduction.

By: | Bhubaneshwar | Published: June 14, 2016 8:18 PM
Arun Jaitley, jaitley GST, GST bill Odisha government today claimed Rs 2,755.36 crore towards compensation for the loss on account of CST reduction (PTI PHOTO)

Supporting implementation of Goods and Services Tax, the Odisha government today claimed Rs 2,755.36 crore towards compensation for the loss on account of CST reduction.

Odisha’s claim was made at the meeting of the Empowered Committee of State Finance Ministers on GST, held in Kolkata today.

GST aims at single nationwide levy by subsuming various central and state level taxes.

Also Read: Push for GST Bill: FM Arun Jaitley moves closer to consensus on big reform – 5 things to know

As Odisha Finance Minister P K Amat could not attend the meeting due to illness, Development Commissioner and additional Chief Secretary (Finance) R Balakrishnan represented the state.

The state government has claimed Rs 2,755.36 crore towards the loss on account of CST reduction from 2007-08 to 2011-12, but received Rs 2,201.40 crore for the said period, an official statement said.

“The Centre may release CST Compensation for the year 2012-13 by the end of September, 2016. Further the committee may review CST Compensation to the States for the year 2013-2014 onwards,” Balakrishnan said.

While supporting the GST, the Odisha government suggested the committee to consider postponing the GST return provision during initial stages.

“GST return as is designed appears to be complicated for a common trader to fill in the return form with commodity wise and HSN (Harmonised System of Nomenclature) code wise details.

Therefore, filling in of HSN code wise details of the commodities in the return form may be postponed during initial stages,” the state government said in the release.

The Odisha government also suggested that suitable provisions may be made in the IGST Act authorising the state authorities to audit, assess and recover taxes on inter-state transaction of goods and services, as it has a stake in IGST transaction as well.

On dual control, the state government said that in order to prevent harassment to the tax payer and litigations, steps may be taken to avoid dual authority of Central and State Government in respect of audit and assessment of a particular dealer for the same tax period.

The Empowered Committee of Finance Ministers was presided over by its Chairman and West Bengal Finance Minister Amit Mitra and attended by Union Finance Minister Arun Jaitley.

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