No need for a major revision in GST Bill: Sushil Kumar Modi
Two panels led by revenue secretary to the central government Sumit Bose set up last month to advise on GST’s design and states’ compensation will miss their December 31 deadline but will meet on January 6 to take a view on the twin issues of Centre-state dispute.
Modi told FE the panels chaired by Bose are looking into the details of the proposed GST which are not covered by the Constitution (115th Amendment) Bill, 2011. “It is a two-page Bill that deals only with the broad structure of the harmonised tax regime. Review of GST’s design and compensation to states do not warrant major revisions to the Bill,” said Modi.
The pending Bill proposes concurrent taxing powers to both the Union and state governments and recommends setting up of a GST Council and a GST Dispute Settlement Authority. Modi said once the Parliamentary panel gives its recommendations, the Union government would table the Bill incorporating suggestions.
However, BJP’s Yashwant Sinha, who heads the Parliamentary Standing Committee on Finance said earlier this month at the Express Group’s Idea Exchange programme that the House committee has suspended discussions on the constitutional amendment Bill saying the government opened fresh negotiations with state ministers on the
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