Arun Jaitley was referring to the GST Constitutional Amendment, which has a provision in this regard.
The minister was referring to the GST Constitutional Amendment, which has a provision in this regard. After deciding the GST rate structure a day earlier, the Centre and states hit a speed breaker on November 4 as they could not decide on how the audit and enforcement powers would be shared between them in the GST regime.
The Union and state finance ministers would meet informally on November 20 to solve the issue politically and suggest their formula to the GST Council meeting on November 24-25 for endorsement. In the meantime, officials from both sides are deliberating to finalise the four draft laws — those on central GST (CGST), integrated GST (IGST), compensation and state GST (SGST) — by November 15. The Centre is trying to introduce CGST, IGST and compensation Bills in the winter session of Parliament later this month.
“Only the last stages (of decision-making) remain and I do hope we (GST Council) are able to resolve that too, through a larger consensus,” Jaitley said.
The government has covered a lot of distance for implementation of comprehensive indirect tax and it was not in favour of resorting to voting to decide on any issue at the GST Council meeting. “We have already sorted out 10 issues. The issue of dual control still remains, there is no reason why we will not be able to work out a reasonable solution on this,” he said.
Jaitley assured people that taxman will not hound those making small deposits in scrapped Rs 500/1,000 currency and advised them not to throng banks as there is enough time to exchange the junked notes. He however said that those depositing large sum of unaccounted money will have to face the consequences under tax laws, which provide for tax and a 200 per cent penalty. FE with PTI