<p>The proposed new indirect tax regime, Goods and Services Tax, is likely to be introduced shortly, the government said on Tuesday.<br /><br />“GST is likely to be introduced shortly," Minister of State for Finance Nirmala Sitharaman said in the Rajya Sabha while answering a question on Central Sales Tax payment to Chhattisgarh.<br /><br />In the written reply, she said CST compensation to the states for 2011-12 and 2012-13, along with balance amount of 2010-11 is under consideration as per the recommendation of the Empowered Committee.<br /><br />Centre in consultation with states had decided to phase out CST to facilitate introduction of GST and to give compensation to the states for revenue loss on this account.</p>.<p><br />Once operationalised, GST will subsume most of the indirect taxes at the central as well as states' level.</p>.<p><br />While presenting the Budget, Finance Minister Arun Jaitley said a solution to the issues relating to the comprehensive indirect tax regime may be finalised in this year itself.</p>.<p><br />He said the GST would streamline tax administration and avoid harassment of business and result in higher tax collection both for centre and states.</p>.<p><br />The previous UPA government in 2011 introduced a Constitution Amendment Bill in the Lok Sabha to pave the way for introduction of GST.</p>.<p><br />In his Budget speech, Jaitley had assured all states that Centre would be more than fair in dealing with them.<br /></p>
<p>The proposed new indirect tax regime, Goods and Services Tax, is likely to be introduced shortly, the government said on Tuesday.<br /><br />“GST is likely to be introduced shortly," Minister of State for Finance Nirmala Sitharaman said in the Rajya Sabha while answering a question on Central Sales Tax payment to Chhattisgarh.<br /><br />In the written reply, she said CST compensation to the states for 2011-12 and 2012-13, along with balance amount of 2010-11 is under consideration as per the recommendation of the Empowered Committee.<br /><br />Centre in consultation with states had decided to phase out CST to facilitate introduction of GST and to give compensation to the states for revenue loss on this account.</p>.<p><br />Once operationalised, GST will subsume most of the indirect taxes at the central as well as states' level.</p>.<p><br />While presenting the Budget, Finance Minister Arun Jaitley said a solution to the issues relating to the comprehensive indirect tax regime may be finalised in this year itself.</p>.<p><br />He said the GST would streamline tax administration and avoid harassment of business and result in higher tax collection both for centre and states.</p>.<p><br />The previous UPA government in 2011 introduced a Constitution Amendment Bill in the Lok Sabha to pave the way for introduction of GST.</p>.<p><br />In his Budget speech, Jaitley had assured all states that Centre would be more than fair in dealing with them.<br /></p>