JOIN USEmpowered Committee of State Finance Ministers Chairman Asim Dasgupta, on Monday held a meeting with Union finance ministry officials on the discussion paper, rates and tax base for GST.
Sources said the discussion paper would be out some time next month to elicit public comments on procedures of how the GST will be collected and how the input credit will be given. So far as the rates of GST is concerned, it would be decided at a much later stage. “How can GST rates be decided, when it is still not clear how many goods and services will be covered under it, ” a key official said.
In fact, the number of goods and services to be included in GST would also be decided some time later, they said.
States have agreed to have two basic rates of GST, besides one special rate for precious materials. However, the centre is yet to take a call on this. The GST is scheduled to be introduced from April 1, 2010, and will subsume most indirect taxes at the Central and state levels.