Diabytes
GST logjam News
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The Cabinet on Thursday cleared changes in the GST Constitutional Amendment Bill, dropping 1 percent manufacturing tax and providing guarantee to compensate states for any revenue loss in the first five years of rollout of the proposed indirect tax regime.
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The Union Cabinet on Wednesday approved changes in the GST Constitutional Amendment Bill providing for full compensation to states for first five years of roll out of the new indirect tax regime.
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Making headway on the long- pending GST Bill, the Centre and States on Tuesday agreed on the principle that the tax rate will be lower than the current levels even as the broad consensus emerged that the rate should not be part of the statute.
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The cost of services is seen rising as the tax rate increases from 14% to 17-18% if GST is implemented from April 1, 2016
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Also, the panel recommended early inclusion of alcohol and petroleum products in GST.
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Welcoming the recommendations put forth by the Arvind Subramanian panel on GST, Ficci on Friday said rollout of the tax reform will add 2 percent to India's growth and usher in efficiency and transparency in the indirect tax regime.
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