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  3. Finance Ministry sets up two committees to felicitate new indirect tax regime

Finance Ministry sets up two committees to felicitate new indirect tax regime

18 Jun 2015 Evaluate

In its bid to roll out GST from April 1, 2016, the Finance Ministry has set up two committees to suggest tax rates and look into IT preparedness for the new indirect tax regime. A committee headed by Chief Economic Adviser (CEA) Arvind Subramanian has been formed to come up with a revenue neutral rate or a rate at which there will be no revenue losses to states under the proposed GST regime, while a steering committee too has been formed under the co-chairmanship of additional secretary, department of revenue, and member secretary, Empowered Committee of State Finance Ministers.

The Finance Ministry in its statement said that the committee formed under the Finance Ministry's CEA would “recommend possible tax rates under GST that would be consistent with the present level of revenue collection of Centre and states”. While making recommendations, it would take into account expected levels of growth of economy, different levels of compliance and broadening of tax base under Goods and Services Tax (GST).

Steering Committee has members from Revenue Department, Central Board of Excise and Customs, Goods and Services Tax Network (GSTN) and representatives of state governments. It would monitor the progress of IT preparedness of GSTN/CBEC/Tax authorities, finalisation of reports of all the sub-committees on different aspects relating to the mechanics of GST and drafting of CGST, IGST and SGST laws/rules. The Committee would monitor the progress on consultations with various stakeholders like trade and industry and training of officers.

The Constitutional Amendment Bill for rolling out of GST has been referred to a Rajya Sabha Select Committee. GST will subsume most indirect taxes levied by the central and state governments such as excise duty, service tax, VAT and sales tax, the new regime proposes to facilitate a common market across the country, leading to economies of scale and reducing inflation through an efficient supply chain.

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