GST panel submits report in RS; proposes modifications

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The panel feels that the 1 percent additional inter-state tax may lead to cascading of taxes, and may call for clarifying Clause 18 to prevent that

The select panel on Goods and Services Tax has submitted report in the Rajya Sabha with a proposal for three modifications to the Bill.The modifications are  related to Clauses 12,18, and 19.

Clause 12 (4) (e) is on GST Council’s powers on recommending rates within a band and the panel may propose that the ‘band’ be defined within GST laws.

The panel felt that the 1 percent additional inter-state tax may lead to cascading of taxes, and may call for clarifying Clause 18 to prevent that.

Third is modification to Section 19, which is basically compensation for GST related losses to states for a period of five years.

Also in addition there are set of suggestions on the GST rate but the GST council will decide on the final rate.

Source: http://www.moneycontrol.com/news/economy/gst-select-panel-may-propose-3-modifications-to-bill_2084881.html

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