Goods & Services Tax (GST) — the country’s most ambitious tax reform — inched closer to being implemented with finance minister P Chidambaram allocating Rs.9,000 crore as the first tranche of compensation for states for the loss in central sales tax reduction.
GST has missed several deadlines due to opposition from some states and lack of consensus over the roadmap. But over the past few months, the empowered group of state finance ministers has worked to stitch together a consensus.
Chidambaram said in his Budget speech. “I appeal to the state finance ministers to realize the serious intent of the government to introduce GST and come forward to work with the government to bring about a transformational change in the tax structure of the country,” he added.
No comments:
Post a Comment