Martes, 25 Julio, 2017

GST to convert entire country into one market: Patnaik

GST to convert entire country into one market Naveen Patnaik GST to convert entire country into one market: Patnaik
Malita Javier | 20 May, 2017, 03:00

States sought to have the lowest GST for goods sensitive to their states.

Srinagar has been chosen as the venue for this crucial GST Council meeting, which will have in attendance Union Finance Minister Arun Jaitley and his ministry officials as well as representatives of 29 states and union territories, to send out possibly a message to the people of Jammu and Kashmir on the importance it holds for the country.

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Stating that the GST would not apply to crude and high speed diesel, he said, "Small countries are adopting simple tax system which attracts business community".

"The GST will bring about comprehensive reform of the indirect tax regime in the country and a major financial reform to make India a single market", Patnaik said while addressing the legislators in the workshop on GST held ahead of the Odisha Assembly's special session on Thursday. The chief minister also stated that the tax reform would result in benefits to business and industries and consumers as well. On Friday, the GST Council will discuss the rates on services and may meet one more time if the tax rates for all items are not decided by then, Jaitley told reporters.

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"As an essential service, the telecom industry needs some benefits and tax relaxation in order to provide a seamless and hassle-free service", Mathews added. "So a unified tax system will definitely boost the ease of doing business", he said.

"Nearly 81 per cent of the items will fall under below-18 per cent GST rate slabs and only 19 per cent of the goods will be taxed above 18 per cent", Revenue Secretary Hasmukh Adhia said. Asked about the projected loss for Odisha, the finance secretary said it would be very hard to estimate the projected loss right now.

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