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  3. New indirect tax regime will boost India's economy: K M Mani

New indirect tax regime will boost India's economy: K M Mani

28 Apr 2015 Evaluate

Government facing stiff resistance from several Opposition parties on goods and services tax (GST) Bill, asking it to refer it to the Standing Committee has got a shot in arm with GST Empowered Committee Chairman K M Mani, who is also the Finance Minister of Kerala, stating that the new indirect tax regime will boost India's economy and the panel of state finance ministers needs to build a consensus among all states on the contentious matters before April 1, 2016 - the deadline for launching Goods and Services Tax.

Mani has stated that GST is a major change in the country's economy and it would ensure growth in trade, industry, labour and imports, bringing in an additional benefit of Rs 1 lakh crore to the country. He added that attempt was on to implement it in such a way that it is more beneficial to all states than the Value Added Tax (VAT) system. Though, he also said that the main task before the Empowered Committee of State Finance Ministers is to reach agreement on several issues that are pending before it.

He pointed that some of the issues that still need consensus are tax structure on inter-state services including transportation and communication, rate of tax on essential commodities, including food products, and system of mechanism to collect tax.

Meanwhile, the government has deferred a discussion on the GST constitutional amendment bill till after the passage of the finance bill in the Lok Sabha. The lower house would now take up for discussion and passage the bills on unaccounted money, land acquisition and GST from May 5 to 8. Finance Minister Arun Jaitely while moving the bill in Lok Sabha had said that it was a 'win-win' measure for both the Centre and the states as he sought to allay the apprehensions of some state governments that they would lose revenue if GST was implemented. The bill amends the Constitution and so requires a two-thirds majority in both Houses to vote for it, while it already has the consent of many states who are key stakeholders.

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