Many issues need to be resolved to make ideal GST: Amit Mitra

By: |
Kolkata | Published: January 28, 2017 6:24:46 PM

Maintaining a studied silence on the GST rollout date, Chairman of the Empowered Committee of Ministers on GST, Amit Mitra, today said "many issues needed to be resolved to make an ideal Goods and Services Tax".

Empowered Committee of Ministers, GST, Amit Mitra, Centre on Integrated GST Network, GST rollout, Finance Minister, West BengalSpeaking on the sidelines of a pre-budget meeting with city-based business chambers and associations, Mitra, who is also West Bengal’s Finance Minister, said there are many unsettled issues.(PTI)

Maintaining a studied silence on the GST rollout date, Chairman of the Empowered Committee of Ministers on GST, Amit Mitra, today said “many issues needed to be resolved to make an ideal Goods and Services Tax”.
Speaking on the sidelines of a pre-budget meeting with city-based business chambers and associations, Mitra, who is also West Bengal’s Finance Minister, said there are many unsettled issues.

He seemingly took credit for mending the Centre’s stand over GST regulations like ‘equal’ treatment with the Centre on Integrated GST Network, tax on territorial waters and dual control on businessmen up to Rs 1.5 crore.

“We have finally been able to extract our demand for single state control on 90 per cent of GST taxpayers falling in the turnover bracket of Rs 20 lakh and Rs 150 lakh,” Mitra said.

You may also like to watch:

“We have won a few wars on a few issues. We will even go solo in fighting to earn our rights,” Mitra said. Some 13 specific sections of law required to be settled, he added.

Speaking about one of the unresolved issues is fixation of unknown number of products at 15 per cent.
“There is no meeting so far on the matter of fitment,” Mitra said.

According to Mitra, the state is trying to help the business community for ease of business and other aspects to bring back tax buoyancy.

In the last five years, tax collection in Bengal grew to Rs 44,000 crore from Rs 21,000 crore, he claimed.

Do you know What is Wholesale Price Index (WPI), Public Debt, Finance Commission Grants & Other Transfers, Economic Survey, State Finance Commission? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.