- As per the Empowered Committee of State Finance Ministers want the Goods and Service Tax(GST) levy imposition to be reduced from Rs.25 lakh to Rs.10 lakh which will make tax compliance easier
- Committee wants the center to include provision for GST compensation in the Constitutional Amendment Bill to bring the new tax
- Committee chairman expected the Bill to be announced in the winter scission since the Finance Minister told that the government is trying to bring the new GST bill by this winter
- Some of the states have issues with center’s proposed draft which is why there is a delay in the new GST Bill
- While the committee has demanded legal powers to States to collect the Central GST from the businesses with a turnover of Rs.1.5 crores annually
- The center is coming up with Central GST and the states will follow the same later but initially the plan was to have a single common GST across the country to spare confusion with two separate tax administration
- Further an official opined that the states should take care of assessment, audit, and other exclusive matters and the center should not intervene
- Rs. 1.5 crore an above turnover would pay their GST to states and further the center will receive the share later and the states stuck to their stand on the items to be exempted from the purview of GST, reiterating that this list be part of the constitutional amendment Bill itself
- In the states more than 96 items are under exemption for the VAT and 243 for Cenvat and the same should maintained in center as well as state
- Read at: http://www.thehindu.com/todays-paper/tp-national/states-want-gst-levy-turnover-limit-lowered-to-rs-10-lakh/article6336377.ece