Crucial meet on GST fails to fix up rates

crucial-meet-on-gstThe rate of the new Goods and Services Tax or GST has still not been decided with states and the centre disagreeing on fundamentals of the tax reform.

The decision-making body of the GST Council, which consists of Finance Minister Arun Jaitley and his counterpart from each state, has to decide the rate of tax, which must then be approved by parliament.

A session of the council has ended without any agreement. It will meet again on November 3 and 4 in Delhi. The government is keen to present the details of the tax to parliament when it meets November. If the tax rate is not cleared – or if it is delayed – the Finance Minister will find it tough to introduce the GST as planned in April.

This was postponed till such time a formal decision is taken because officers of state and centre have to work out implications of the rates, Jaitley told media after the meet.

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