State FMs may decide on GST rate on Jan 7

Sunday 27th of December 2009 03:40:22 AM


State FMs may decide on GST rate on Jan 7




New Delhi, Dec 27 (PTI) The state finance ministers are likely to finalise the rates for goods and services tax (GST) at the meeting of the empowered committee scheduled for January 7, said Jammu and Kashmir finance minister Abdul Rahim Rather here today."Rates may be decided.

We are working on the revenue neutral rate and it would be discussed on January 7," said Rather, who is a member of the Empowered Group of State Finance Ministers on GST.While the GST committee set up by the 13th Finance Commission has suggested a rate of 12 per cent to be split between the states and Centre at 7 per cent and 5 per cent respectively, several states want it to be at least 15 per cent.The empowered committee will take a final call on the GST rate, which will subsume various levies like excise, VAT and service tax, at its January meeting.

The GST rate, Rather said, needs to be revenue-neutral and should not result in any loss to the states."The states should not suffer revenue loss and if there are some losses then the Centre has said that they would compensate us," he added.

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