State finance ministers attend GST meet in Kolkata
Posted on:15 Jun 2016 14:50:55
15 June 2016 Current Affairs GK: Union Finance Minister Arun Jaitley is attending a meeting of Empowered Committee of State Finance Ministers here on Tuesday to nudge the states to arrive at a consensus on the Goods and Services Tax (GST) Bill.
The draft Goods and Services Tax Bill, including the overall framework, and the Information Technology process of the GST are on the agenda of the two-day discussions.
The meeting would also deliberate upon finding ways and means to resolve issues between the states and the Centre on the GST.
However, the contentious issues of the GST rate, the dispute settlement mechanism and one per cent additional tax are not a part of the agenda.
The bill for a pan-India GST to thoroughly overhaul India's indirect tax regime, first mooted by the Congress-led United Progressive Alliance regime at the Centre, has been passed by the Lok Sabha, but is stalled in the Rajya Sabha where the ruling NDA lacks a majority.
The states will draft their own State GST (SGST) bill based on the draft model law with minor variations, incorporating state-specific exemptions.
The Centre and the states will also have to approve the integrated GST law or iGST, which will deal with inter-state movement of goods.The Constitution amendment bill needs to be ratified by more than half of the states.
FreshersLive - No.1 Job site in India. Fresherslive Current Affairs 2017 section offers informative quiz questions with answers regarding latest current affairs today for all sorts of competitive exams like UPSC, TNPSC , IFS, IAS, IPS, railway exams (RRB) and banking exams like IPBS PO, IPBS clerk, Federal Bank PO, ICICI, SBI, RBI legal officer & Grade officer posts and much more. Register with us to get latest Current Affairs Updates. Also get latest Current Affairs news and quiz Updates for free alerts daily through E-mail