Sushil Modi: GST issues need to be ironed out

The panel of the state finance ministers on GST today said many issues,including a mechanism for CST compensation for the current fiscal

The panel of the state finance ministers on GST today said many issues,including a mechanism for CST compensation for the current fiscal,will have to be ironed out before rolling out the new indirect tax regime.

Agreeing with Prime Minister Manmohan Singh,chairman of empowered committee of state finance ministers and Bihar Deputy CM Sushil Modi said the Goods and Service Tax (GST) implementation will have to wait till 2014.

The Prime Minister has said GST rollout will happen after next general elections. So they will have to compensate even for 2013-14… That issue is alive… So many issues need to be ironed out before GST is rolled out, he said while addressing the industry chambers here.

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Last month,Prime Minister Manmohan Singh had assured that the long-awaited GST regime will be in place in an appropriate type by 2014.

Modi said: The empowered committee will continue to work to ensure GST is rolled out in 2014-15.