Government plans new law to compensate states for loss from GST, if any
Advertisement
Advertisement
Eventually the This legal ring fencing could help build consensus on GST rates when the issue is taken up next month, officials told the media.
"Compensation mechanism will be given a legal backing," a senior government official confirming some deliberations on the issue told
"
Another law that will be a guideline for provisions of a statutory framework is also being formed. GST is likely to get operational from April next year and would replace all indirect taxes on goods and services levied by central and state governments.
Advertisement
The base year for GST compensation is fixed at FY16 but other details like what would be the percentage increase every year over the five year period are to be worked out.
This new law assuring compensation for the states in case of loss would help central government to keep a lower GST rate as compared to 20% demanded by many states.
Advertisement
- CEO says he tried to hire an AI researcher from Meta, and was told to 'come back to me when you have 10,000 H100 GPUs'
- We bought a house in Japan for $30,000. We'll have more land than we could afford in the US, and our kids will be more independent.
- Rumors Prince William is having an affair with Rose Hanbury are flooding social media again after Stephen Colbert waded into 'Katespiracy'
- Mutual funds stress test: What it means for you
- Businesses should not be built on model, but out of passion: Peyush Bansal
- Delhi world's most polluted capital, Begusarai top polluted metro says IQAir
- COVID-19 vaccine can slash risk of post-infection heart failure by half, study finds
- Stock markets close higher in volatile trade ahead of key Fed policy meeting