GST to convert entire country into one market: Patnaik
- Author: Zachary Reyes May 20, 2017,
May 20, 2017, 3:10
"A three-day session of the Tripura Assembly would begin from May 23 to pass the State Goods and Services Tax Bill", Deputy Speaker Pabitra Kar told IANS in Agartala.
The special session has been convened to deliberate more on the biggest tax reforms in the country since independence, how it will be beneficial to the country or state economically, the administrative and technology requirements to implement the law.
Holding of the meeting in Srinagar is not just the Centre's initiative but numerous states too had demanded way back in February that the Council should meet in Jammu and Kashmir when it decides the tax rates, official sources said.
The meeting will last for two days during which the participants will decide on tax bands for various commodities under the country's first major indirect tax reform.
The Tripura government held a meeting on GST with all legislators on May 12 and a workshop for the media would be held in Agartala on May 20. Besides, for demerit and luxury goods, a cess will be levied on top of the peak rate.
He said a large number of central and state taxes would be subsumed into the GST.
Telcos, according to the group, have already initiated the registration process involving migration to the GST regime while a clarity, according to it is still needed on certain aspects and GST deployment is highly dependent on IT compatibility and requires sufficient time.
Tax rate which is closest to the present incidence of tax on a good or service will be chosen with a view to keeping the shift from the present regime of excise duty plus VAT or service tax to GST regime neutral for consumers.
Kashmir Economic Alliance (KEA) has expressed concerns over the GST council meet to be held in Srinagar from May 19.