The Empowered Committee (EC) of State Finance Ministers is meeting next month to discuss and decide on the reports for a model legislation and design of the proposed Goods and Services Tax (GST).
We are holding the EC meeting on May 10-11 to discuss the reports of sub committees. The meeting will take place in Mussoorie,Uttarkhand,where we will discuss the report on revenue neutral rate,threshold limit among other things, empowered committee chairman Sushil Modi told The Indian Express.
Earlier,in November last year,the government had set up two sub-committees to resolve the issues of compensation to states for revenue loss on account of a reduction in central sales tax and the final design of GST.
The reports are being examined by the government. Further,in the last meeting of the EC in Bhubaneswar,both the centre and states agreed to set up two more sub committees to resolve the areas of disagreement such as GST on imports,levying of integrated GST on inter-state trade,a revenue-neutral rate and the issue of dual control.
These sub-committees,comprising officials from both the centre and states,are meeting on Saturday in Patna,to thrash out the contentious issues and are likely to submit their reports by the third week of April.
The implementation of GST,which seeks to remove the cascading impact of indirect taxes,has been delayed by three years due to a lack of consensus on several issues between the Centre and the states.