04 July 2011
GST Bill in LokSabha : Centre bends, offers more power to states.
on 28.06.2011:-
the Central Board of Excise and Customs (CBEC) tax rates under the proposed Goods and Services Tax (GST) regime in India is likely to be between 16% and 20%. "World over, GST rates are typically between 16% and 20%. In India it is likely to be the same," CBEC Chairman Sumit D Majumdar told reporters here. He said tax rates under the proposed GST would come down sharply
CBEC Chairman Sumit D Majumdar told reporters here.
The head of empowered committee of state finance ministers will play a very important role as the GST constitutional amendment bill has been tabled in the Budget session of the Parliament and now consensus building will be required between the states.
Erstwhile West Bengal finance minister Asim Dasgupta was supposed to head the committee but had to opt out after his party lost elections.
Finance minister Pranab Mukherjee had then offered the post to BJP leader Sushil Modi but he declined as his party was not keen on it. Sources say there will not be a Congress or a BJP head to avoid issues in consensus building.
CAclubindia
