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  3. Govt agrees to implement proposed GST in diluted form

Govt agrees to implement proposed GST in diluted form

30 Jan 2013 Evaluate

The government has paved the way for the implementation of the proposed Goods & Services Tax (GST) though in a much diluted form as the centre has relented to some of the key demands of the states.  A day after clearing Rs 34,000 crore of Central Sales Tax compensation to the states, the Centre has now agreed to make changes to the Constitution Amendment Bill for GST.

Dropping from its earlier stand, the government gave permission to a phased roll-out of GST like the Value Added Tax (VAT). This means that only willing states could implement the new indirect tax system from the beginning. Contrary to the earlier proposal for a uniform GST rates across the country, now the government agreed to have a floor rate of taxation with a narrow band. Also, states will have the flexibility to opt out of it.

Petroleum products would now be made part of GST, which were kept out of GST in constitution amendment bill. Moreover, the states will also get powers to raise additional resources in the time of a natural calamity. There will be a special scheme for North Eastern states and Jammu & Kashmir.  Further, some state finance ministers said that every state has its own problems and arriving at a agreement in those areas would be very difficult. However, many states are of the view that a new government at the Centre after 2014 elections should roll-out GST.

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