GST to convert entire country into one market: Patnaik

GST to convert entire country into one market Naveen Patnaik

GST to Convert Entire Country Into One Market : Naveen

States sought to have the lowest GST for goods sensitive to their states.

The Tripura government held a meeting on GST with all legislators on May 12 and a workshop for the media would be held in Agartala on May 20.

The rates of Goods and Services Tax (GST) for major consumption products were announced, following the GST council meeting chaired by Finance Minister Arun Jaitley in Srinagar.

Last week, the Reserve Bank called the GST a "game changer" and said given the cross-country experience and empirical evidence on efficiency gains from the Value Added Tax (VAT) in the Indian context, the implementation of this comprehensive indirect tax is likely to ensure higher tax buoyancy and an improvement in government finances over the medium term. "It is a major financial reform which will convert the entire country into one single market", Naveen said.

"The enactment of the State Goods and Service Tax will be the begining of a journey". "Over time, the tax burden on most commodities is expected to come down". France was the first country to implement the GST in 1954. "The law will be beneficial for the economy of the state and the Centre", Dash told reporters after emerging from the workshop. "So a unified tax system will definitely boost the ease of doing business", he said. "Total revenue collected in 2015-16 by a state has been taken as the base year".

"There has been a lot of concern raised regarding the GST rules and whether vendors will be ready by July 1", Neeraj Prasad, Additional Commissioner, GST Cell, Central Board of Excise and Customs (CBEC) said on Wednesday. "It is a no gain no loss situation for us although we had asked the Finance Minister to classify edible oil in zero tax category", he said.

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