The Standing Committee on Finance is likely to submit its report in the forthcoming Budget session on the Constitutional Amendment Bill for introduction of Goods and Services Tax (GST).
“The Parliamentary Committee had some discussion on the Bill on Monday. It has also asked the Secretariat to start preparing the draft report. Hopefully this can be submitted during the session,” a person familiar with the development told Business Line.
Although the committee’s recommendation is not binding on the Government, it may incorporate some or several of the recommendations in the amended Bill and get it approved in Parliament.
A prominent member of the committee said that there were issues on a few provisions of the Bill. For example, some members of the committee as well States objected to the clause relating to setting up of a Goods and Services Tax Dispute Settlement Authority to adjudicate any dispute or complaint referred to it by the State Government or the Union Government.
Meanwhile, the two committees, one to suggest on design of new indirect tax reforms and the other on CST compensation, are believed to have given their reports on Monday. Now, the Empowered Committee of States’ Finance Ministers will consider these reports in its meeting on January 28-29 in Bhubaneswar.
Finance Minister P. Chidambaram has shown his intention to outline amendments to the Constitution on the Goods and Services Tax (GST) in his Budget speech, provided there is consensus among States on this tax reforms, a source close to the developments said