Shillong, Nov 18: The Chairman of the empowered committee on goods and services tax (GST) of state finance ministers Mr. Abdul Rahim Rather told media person that in the meeting held today in Shillong that they unanimously decided to keep petroleum and alcohol out of the proposed GST since these were the main income of many state.
The Finance minister of Jammu and Kashmir who is the chairman of the empower committee also inform that the central government has earmark Rs. 9000 cores in the fiancial year 2013-2014 to compensate to thus state who have made there loses due to the introduction of the GST.
In these new proposed tax regime the federal structure should be maintain as these was felt by many. He also said that the meeting today has taken some decision and it will be sent to the Central government to be pass in parliament in order to become an act.
While answering to question relating to the losses of the North Eastern State with the introduction of GST, Mr Rather said that the committee is still working on it, at these juncture is not possible to quantified the volume of the losses.
The committee also opposed, the proposed incorporation of the 92 D and 54 A in the proposed bill since Article 246 A has empower the central government and the state government to introduce the GST.(SP News)
