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GST likely to come into effect from next fiscal: Sushil Modi

Delhi,Business/Economy, Wed, 18 Apr 2012 IANS

New Delhi, April 18 (IANS) The much-awaited unified Goods and Services Tax (GST) is likely to come into effect from April 1, 2013 as the centre is open to the concerns of the states, Sushil Modi, chairman of empowered committee of state finance ministers, said Wednesday.

 

'The FM (Finance Minister Pranab Mukherjee) is very flexible to accommodate view of the state governments,' Modi, who is also deputy chief minister of Bihar, told reporters here.

 

 

A key concern of states is the autonomy to levy taxes. The states also have problems with the dispute regulation panel.

 

 

Modi indicated that the central government was willing to consider the states demand on the issue of compensation for reduction in central sales tax.

 

 

'You require flexibility and now I am finding there is a flexibility in the attitude of the finance minister and in the state council,' he said.

 

 

Modi's statement assumes significance as the Bharatiya Janata Party (BJP) ruled states have so far been opposing the new tax regime.

 


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