Most of the States to benefit from GST from day one; Provisions have been Made in the Constitution Amendment Bill on GST to Ensure that none of the States Lose any Revenue after the Implementation of the GST: FM
GST
Dated:- 22-12-2014
The Union Finance Minister, Shri Arun Jaitley said that Goods and Services Tax (GST) will benefit most of the States from day one especially the consumer States. He said that to remove any apprehension among the States about the fall in their revenue collections, provisions have been made in the Constitution Amendment Bill on GST introduced by him in the Lok Sabha on the last Friday, 19th December, 2014 to ensure that none of them lose any revenue after the implementation of the GST. In this regard he mentioned that it is proposed to levy a non-vatable additional tax of not more than 1% on supply of goods in the course of inter-State trade or commerce. The Finance Minister said that this tax will be for a period not exceeding 2 years, or fur
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ister said that as the volume of trade expands and the growth momentum picks-up, then every State will be benefitted with the rise in their revenue collections with the implementation of GST.
Members of the Committee also gave various suggestions with regard to GST. Most of the Members of the Consultative Committee supported the decision of the Government to implement the GST and said that this will help in better tax collections, better tax compliance, less cases of tax evasion and litigation, more transparency, less harassment and corruption. They said that since number of Departments will also reduce in due course, which, in turn, will lead to less corruption. One of the members suggested that Centre may bring out a 'white paper' on GST giving details on how much revenue will go to the Centre, States and who will be the ultimate beneficiaries i.e, Centre, States, manufacturers, suppliers and consumers at large. One of the member suggested that Finance Commission may be made a perma
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hich would further evolve and improve with time. He said that the Government is in favour of strengthening the cooperative federalism in the country and will make all out efforts to evolve as much consensus as possible in implementing GST.
The meeting was attended by Minister of State of Finance Shri Jayant Sinha, Members of the Consultative Committee who attended the aforesaid Consultative Committee Meeting include Shri Anoop Mishra, Shri Dilip Kumar Mansukhlal Gandhi, Dr. Hari Babu Kambhampati, Shri J. Jayasingh Thiyagraj Natterjee, Smt Poonam Mahajan, Shri Ram Charitra Nishad, Shri S.P.Y. Reddy, Shri Sriram Malyadri and Shri Suresh Chanabassappa Angadi, all Members of Lok Sabha; Shri Anil Desai, Dr. K.P. Ramalingam, Shri Rajkumar Dhoot, Shri Ranvijay Singh Judev, Shri Satish Chandra Misra and Shri Sukhendu Sekhar Roy, all Members of Rajya Sabha. The meeting was also attended by Shri Shaktikanta Dass, Revenue Secretary, Dr. Hasmukh Adhia, Secretary (DFS), Dr Arvind Subramanian, Chie
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