GST, a major comprehensive financial reform: CM

Owen Stevens
May 20, 2017

The special session will be held on May 18 and 19, official sources said on Wednesday.

The move to increase tax rate on such items runs contrary to the government's efforts of promoting traditional Indian alternative medicine. The decision to keep the list short has been taken despite several requests from different industry associations to exempt their products or keep them in the lowest slab. The GST rate on coal has been fixed at 5 per cent, down from 11.69 per cent of tax now charged.

Separately, the Goods and Services Tax Network, the company tasked with running the IT infrastructure for GST, has already migrated taxpayer information from State and central tax authorities to its database. In GST, the curtailment of layers of movement of goods is inevitable.

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Last week, the Reserve Bank called the GST a "game changer" and said given the cross-country experience and empirical evidence on efficiency gains from the Value Added Tax (VAT) in the Indian context, the implementation of this comprehensive indirect tax is likely to ensure higher tax buoyancy and an improvement in government finances over the medium term.

"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 GST Council in its previous meetings had decided on a four-tier tax structure of 5, 12,18 and 28 per cent. "We are sure that it would benefit both the consumers and the business community and help the economy to grow", said National Academy of Customs Excise and Narcotics (NACEN) Director General and GST expert PK Das. The cess will be used to compensate the states for revenue loss arising out of the GST implementation in first five years. However, the government is yet to decide the GST rate for branded cereals. "By implementing the proposed GST we can also create a better environment for business".

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