Goods and Services Tax – GST – Dated:- 4-1-2017 – New Delhi, Jan 3 (PTI) In fresh roadblocks to GST rollout, states today demanded taxation rights for sales in high seas and also increasing the number of items on which cess is to be levied to compensate the states to deal with revenue loss estimated at ₹ 90,000 crore post demonetisation. Initially a ₹ 55,000 crore GST compensation fund was proposed to be created by levying cess on demerit or sin goods and luxury items, but post demonetisation the compensation amount is expected to go up to ₹ 90,000 crore as most states have seen revenue decline of up to 40 per cent, non-BJP ruled states claimed. Also, coastal states pressed for rights to levy GST on trade of goods within
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ing VAT or sales tax within 12 nautical miles. For eg when a ship is loaded with oil or products, the tax on that is charged by the states. All the coastal states, irrespective of parties, combined in saying that we must have 12 nautical miles within the state jurisdiction. Whereas the draft IGST law was looking at having taxation rights with the Centre, West Bengal Finance Minister Amit Mitra told reporters. The Day 1 of the panel meeting did not take up the contentious issue of control of assesses which had been till now holding up roll out of Goods and Services Tax (GST) regime. The issue would be discussed tomorrow. While representatives of opposition-ruled states were unanimous in saying April 1 target date for rollout of the new regim
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