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Finance Minister Pranab Mukherjee today proposed a three-rate structure for the Goods and Services Tax -which will simplify the indirect tax regime – under which goods will attract 20 per cent levy, services 16 per cent and essential items a concessional 12 per cent. Mukherjee proposed these rates to the state finance ministers at a meeting here today to evolve consensus over GST that is planned to be implemented from April 1, next year.
The government on Tuesday said the direct taxes code (DTC) Bill and a constitutional amendment bill to implement the goods and services tax (GST ) are likely to be introduced in the Monsoon session beginning next week. “It is our expectation that both the constitutional amendment bill and DTC Bill would be introduced in the Monsoon session,” revenue secretary Sunil Mitra told reporters on the sidelines of a CII seminar in New Delhi today.
To begin with, next year, he suggested, the Centre will adopt a three-rate formula. While Mukherjee proposed that the rate of taxation for services be fixed at 8 per cent, a dual-rate regime for goods was recommended at the meeting of the empowered committee of state finance ministers. The Centre plans to keep a lower rate of 6 per cent for certain goods and maintain a standard rate of 10 per cent in the first year.
Fearing that their fiscal autonomy will be impacted by the uniform tax structure, state finance ministers are likely to bargain for some flexibility on proposed Goods and Services Tax when they meet Union Finance Minister Pranab Mukherjee on July 21.
Direct tax collections in the country are likely to double after the proposed Direct Tax Code (DTC) and the Goods and Service Tax (GST) regime come into effect, a top government official has said. “We are moving towards a scenario where I think there will be a substantial increase in collection of taxes when DTC and GST will be in place. GST will help us in direct tax collection,” Central Board of Direct Taxes (CBDT) Chairman S S N Moorthy said.
The finance ministry has set up a five-member task force to frame rules for the proposed Goods and Service Tax (GST). A bill for the GST is likely to be finalised soon. It is likely to be introduced in the monsoon session of Parliament after the states’ concurrence. Once the legislative amendments are passed by Parliament and assemblies, the Centre will frame the new Act, which will govern the indirect tax structure.
Chief Ministers of the Congress-ruled states on Wednesday asked the Centre to protect states against any loss of revenue from the switchover to goods and services tax (GST). “The general feeling (among the states) is that there should not be any loss (to states),” Maharashtra Chief Minister Ashok Chavan told reporters after the meeting of Congress CMs with the Union Finance Minister Pranab Mukherjee.
The law ministry is likely to finalise the Constitutional Amendment Bill on the Goods and Services Tax (GST) by next week. It will send draft of the Bill to the finance ministry which will share it with the empowered group of state finance ministers on GST for its feedback.
The Centre is likely to offer a sweetener to goods that go out of the exempted list for excise once the goods and services tax (GST) kicks in next year.While identifying the list of products that will go out of the 350item list, the Union finance ministry is looking at levying a lower rate of tax under the new regime.
Subsuming purchase tax—a tax levied by some states on the sale of agricultural products—in GST is next on the Centre’s agenda. The finance ministry is hopeful that states will agree to subsume purchase tax in GST after a long drawn battle to keep it out of the purview of the proposed indirect tax regime.