Goods and Service Tax – GST – By: – Nagesh Bajaj – Dated:- 3-11-2011 Last Replied Date:- 30-12-1899 – When a ray of hope is coming in the successful implementation of Goods and Services Tax (GST),suddenly a momentum changes in favour of those who are strictly opposing the rolling out of the GST. In the last meeting of the Empowered Group of State Finance Ministers on GST to thrash out all pending issues , three major issues arises in front of the Government , with several states giving a thumbs-down to the draft Constitutional Amendment Bill prepared by the Centre. These major issues are: 1. Veto Power: In this meeting , states ruled by political parties other than the Congress came out openly against the proposal to give veto power to the
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Amendment Bill and may be incorporated in GST Legislation. 3. Petroleum Products: Another major issue is relating to the Petroleum products. Finance Minister Mr. Pranab Mukherjee suggestion to include petroleum products within the GST ambit has underlined the need for a fresh discussion paper on the GST. However, most of the states are looking positively towards the inclusion of petroleum products under the GST, but its implementation at this stage is not advisable. In addition to these issues, some of the statements which are given by the Finance Ministers against the current structure of GST are: GST implementation from April next year is not possible [Mr.Raghavji ,MP Finance Minister] States are left with no powers in the proposed draft
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